Treatment of Fixed assets recieved as free by the supplier : IFRS

A company is receiving a fixed asset worth £2 million for free from a supplier, as part of a three-year contract involving raw materials. The initial thought was to book it as deferred revenue, amortising it over the contract period. However, this is not considered appropriate under IFRS, as deferred revenue typically relates to cash-based transactions. Instead, the asset should be recognised directly, potentially as a 'Gain from promotions' or similar, with the cost credited and the machinery account debited.