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How to Combine Model Contract

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Hey, whats up guys welcome back to my channel if youre new to my channel, I highly suggest that you guys consider subscribing especially if youre interested in becoming a model or an actor, I Make weekly videos guys where I give you guys some of the best tips on how to be a model how to be an actor in this industry So definitely check out my channel check out some of my content and if you guys like it hit me with a thumbs up alright, so in this video I want to break down the four main types of modeling contracts that most models sign so stick with me Im going to explain the four main types of modeling contracts coming right up Alright guys, so lets get to it So the very first type of contract is your mother Agency contract so you might be asking what exactly is a mother agency and how do they actually work? So a mother agency is like literally your first agents as a model This is the first agent that you sign with so like for example a mother agency in Lagos Nigeria is few models

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What is a contract modification IFRS 15?

Under IFRS 15.18, contract modification is a change in the scope or price of a contract, or both. This may be described as a change order, a variation, or an amendment. When a contract modification is approved, it creates or changes the enforceable rights and obligations of the parties to the contract.

How does an entity account for a contract modification that has been approved and adds goods or services that are not distinct from what was previously transferred?

An entity shall account for the contract modification as if it were a part of the existing contract if the remaining goods or services are not distinct and, therefore, form part of a single performance obligation that is partially satisfied at the date of the contract modification.

How do you bind two contracts?

To make a contract binding, it needs to include several key elements: Offer and acceptance One party needs to offer something (money, services, rights, etc.), and the other party needs to accept the offer. Consideration The benefit that both parties receive. This can be money, services, items, or anything of value.

What is a combined contract?

Combined Contracts means any contracts, arrangements or agreements that apply to the Assets and to any other business or asset of Sellers and their Affiliates. Combined Contracts means contracts between Seller and Customers that include Managed Services and Other Services in the same contract.

How do you account for contract modification?

A contract modification that only affects the transaction price is either accounted for prospectively or on a cumulative catch-up basis. It is accounted for prospectively if the remaining goods or services are distinct. There is a cumulative catch-up if the remaining goods or services are not distinct.

Can you combine two contracts?

Contracts should also be combined if the performance provided under one contract affects the consideration to be paid under another contract. This would be the case when failure to perform under one contract affects the amount paid under another contract.

When a contract modification is treated as a separate performance obligation?

When a contract modification is treated as a separate performance obligation or prospectively, the same amount of revenue is recognized before and after the modification.

How do I account for a contract modification IFRS 15?

(b) An entity shall account for the contract modification as if it were a part of the existing contract if the remaining goods or services are not distinct and, therefore, form part of a single performance obligation that is partially satisfied at the date of the contract modification.

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