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Blog posts from Annual Reporting Posts
Topics hide IAS 38 Intangible Assets IAS 38 Recognition of an expense IAS 38 Intangible Assets IAS 38 Recognition of an expense 68 Expenditure on an intangible item shall be recognised as an expense when it is incurred unless: it forms part of the cost of an intangible asset that meets the recognition criteria (see … Read more
Topics hide Practical alternative for similar goods or services Case – Applying the practical alternative Alternative approach not limited to renewal options More than one acceptable approach to determine the expected goods or services to be provided Practical alternative for similar goods or services If the goods or services that the customer has a material … Read more
Topics hide Recognition of revenue as principal or agent Principal versus agent Cases Recognition of revenue as principal or agent That is a big question under IFRS 15. Recognise a large amount of revenue as a principal or only a fraction of that turnover as an agent. So the stakes are high!! Royalty payments Entity … Read more
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