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Last update 17/12/2019 Right to obtain economic benefits from use – To control the use of an identified asset, a customer is required to have the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use (for example, by having exclusive use of the asset throughout … Read more

Last update 04/12/2019 Right to control the use of the identified asset – A contract conveys the right to control the use of an identified asset for a period of time if, throughout the period of use, the customer has the right to obtain substantially all of the economic benefits from the use of the … Read more

Last update 07/11/2019 Reversal of impairment losses of a disposal group’s assets occurs when an asset held for sale is impaired but then revalues, as follows: Fair value less costs to sell of assets held for sale may exceed the assets carrying amounts either at the initial classification date or on subsequent remeasurement under IFRS … Read more

Last update 30/09/2019 IFRS 15 Revenue from Contracts with Customers (contents page is here) introduced a single and comprehensive framework which sets out how much revenue is to be recognised, and when. The core principle is that a vendor should recognise revenue to depict the transfer of promised goods or services to customers in an … Read more

Last update 30/09/2019 IFRS 15 Revenue from Contracts with Customers (contents page is here) introduced a single and comprehensive framework which sets out how much revenue is to be recognised, and when. The core principle is that a vendor should recognise revenue to depict the transfer of promised goods or services to customers in an … Read more

Last update 15/09/2019 Revenue recognition over time is the defined term. As a result, revenue recognition at a point of time is the valid recognition principle when the definition of revenue recognition over time is not met.  A vendor satisfies a performance obligation and recognises revenue over time when one of the following three criteria … Read more

Last update 05/12/2019 Revenue recognition for technological goods services – Technology entities commonly enter into transactions involving the delivery of multiple goods and services, such as professional services provided in conjunction with hardware and networking or hosting services. Goods or services promised in a contract with a customer can be either explicitly stated in the … Read more

Last update 28/10/2019 Revenue recognition at a point in time is included in IFRS 15 Revenue from Contracts with Customers (contents page is here), that introduced a single and comprehensive framework which sets out how much revenue is to be recognised, and when. The core principle is that a vendor should recognise revenue to depict … Read more

Last update 22/11/2019 There are two ways of recognising revenue – recognise revenue over time or at a point in time. Revenue recognition over time is often referred to as the ‘Percentage of completion‘ method under the (superseded) IAS 11 Construction contracts. Revenue over time or at a point in time The primary IFRS sections … Read more

Last update 15/09/2019 Revenue from transactions or events that does not arise from a contract with a customer is not in the scope of IFRS 15 and should continue to be recognized in accordance with other standards. Such transactions or events include but are not limited to: Revenue not from a contract with a customer … Read more