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IFRS 15 Revenue accounting examples – Broad and best learned

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Topics hide IFRS 15 Revenue accounting examples IFRS 15 Sales of goods by agents Concession outlet within a department store Excise taxes and duties IFRS 15 Revenue accounting examples IFRS 15 Revenue accounting examples provides some special examples for IFRS 15 Revenue from contracts with customers: Sales of goods by agents, Concession outlet within a … Read more

IFRS 15 Technology sector revenue recognition – Top read

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Topics hide IFRS 15 Technology sector 1. Identify the contract Case – Assessing collectability for a portfolio of contracts Case – Assessing collectibility with a history of price concessions Case – Collection not probable Contract modifications 2. Identify performance obligations Case – Sale of hardware and installation services – separate performance obligations Case – Sale … Read more

Probable

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More likely than not.         IFRS terms or definitions come from the Official Journal of the European Union (© European Union, https://eur-lex.europa.eu). Individual jurisdictions around the world may require or permit the use of (locally authorised and/or amended) IFRS Standards for all or some publicly listed companies. The specific status of IFRS … Read more

Government

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Government refers to government, government agencies and similar bodies whether local, national or international.         IFRS terms or definitions come from the Official Journal of the European Union (© European Union, https://eur-lex.europa.eu). Individual jurisdictions around the world may require or permit the use of (locally authorised and/or amended) IFRS Standards for all … Read more

IFRS 15 Media and entertainment Revenue complete correct recognition

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Topics hide IFRS 15 Media and entertainment M&E Licenses The nature of a company’s promise in granting a license Case – License of a sports team brand Contractual restrictions in license arrangements Case – M&E License restrictions – restrictions are an attribute of the license Case – License restrictions – distinguishing multiple licenses from attributes … Read more

Collaborative arrangements

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Use back button from the brower Entities often enter into collaborative arrangements to, for example, jointly develop and commercialise intellectual property such as a drug candidate in the life sciences industry or a motion picture in the entertainment industry. In such arrangements, a counterparty may not always be a ‘customer’ of the entity. Instead, the … Read more

IFRS 15 Industrial products revenue best and complete recognition

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Topics hide IFRS 15 Industrial products 1. Identify the contract with the customer Contract modifications Case – Widgets manufacturer 2. Identify performance obligations 3. Determine transaction price Volume rebates Volume discounts Consideration payable to a customer Case – Volume rebate Case – Prospective volume discount 4. Allocate transaction price 5. Determine transfer of control and … Read more

IFRS 15 Real estate Revenue complete and accurate recognition

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Topics hide IFRS 15 Real estate Key points IFRS 15 core principle Does a contract include more than one performance obligation? 1. Identify the contract(s) with the customer Contract combination Accounting for contract modifications Case – Unpriced change orders 2. Identification of performance obligations Real estate management – considerations Real estate developers – considerations Case … Read more

IFRS 15 Mining Revenue recognised properly and complete

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Topics hide IFRS 15 Mining Revenue Definition of a customer Production sharing arrangements Forward-selling contracts to finance development Product exchanges Interaction with other standards Agency relationships Principal versus agent considerations Delivery – CIF contracts or FOB contracts Cost insurance and freight (CIF contracts) Free on board (FOB contracts) Satisfaction of performance obligations Provisional pricing arrangements … Read more