IFRS Topics

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 Revenue recognition over time is often referred to as the ‘Percentage of completion‘ method under the (superseded) IAS 11 Construction contracts.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

Last update 12/11/2019 Revenue Income Contract Customer? is about IFRS 15 ‘Revenue from contracts with customers’. What is revenue?, What is a contract?, and what is a customer? Here are some of the explanations…… Topics hide What is revenue? The distinction between revenue and income: Analysis  What is a contract? What is a customer? Revenue … Read more

Last update 05/12/2019 Revenue from maintenance services – Entities may provide maintenance services such as telephone support, bug fixes and unspecified upgrades or enhancements on software-enabled products. Under earlier IFRS, these maintenance services were often treated as a single component (combined with other goods or services)1. These services are commonly referred to as post-contract support … Read more

Last update 26/11/2019 Revenue from licenses in entertainment and media industry highlights some specific revenue aspects (promises) in these industries. Under IFRS 15, determining whether a company’s promise to grant a license provides a customer with either a right to access Intellectual Property (IP) or a right to use IP depends on whether a customer can … Read more

Last update 21/12/2019 Revenue from Engineering Construction contracts – IFRS 15 has superseded virtually all revenue recognition requirements that Engineering & Construction entities (‘E&C entities’) used. E&C entities no longer have to consider whether contracts are in the scope of IAS 11 Construction Contracts or IAS 18 Revenue. Also, the revenue related Interpretation IFRIC 15 … Read more

Last update 28/11/2019 Revenue from Contracts with Customers short version – 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 … Read more

Last update 05/12/2019 Revenue from additional goods or services – Under some contracts, entities provide the customer with the right to future purchases of additional tech products or services for an amount below fair value. Under IFRS 15, such options are separate performance obligations if they provide a material right to the customer that it … Read more