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Blog posts from Annual Reporting Posts
Topics hide Liability definition Asset definition Suggested revised Conceptual Framework definitions Guidance on terms Liability To transfer an economic resource ‘Present’ obligation Future events outside the control of the entity Liability definition The current liability definition is that a liability of an entity is a present obligation of the entity arising from past events, the … Read more
Topics hide IFRS 15 Consumer products Product sales from consumer products companies to retailers Case – Transfer of control Case – Right of return Case – Consignment arrangements Case – Volume discount Case – Bill and hold arrangements Case – Shipping terms Contractual arrangements between consumer products companies and retailers other than product sales Case … Read more
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
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
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
Topics hide IFRS 15 Retail revenue – finest perfect examples Case – Customer incentives Buy three, get coupon for one free Case – Customer incentives – Discount coupons Case – Customer incentives – Discount coupons / free products rebate Case – Loyalty programs Case – Gift cards Case – Right of return Case – Price … Read more
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
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
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
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