IFRS Topics

Last update 21/12/2019 Identify the contract with the customer – This part relates to a complete explanation of IFRS 15 Revenue from contracts with customers in respect of Engineering & Construction contracts, see Revenue from Engineering & Construction contracts. Identify the contract with the customer The model in IFRS 15 applies to each contract with … Read more

Last update 16/09/2019 This is an example in a small series for illustrating the concepts in What is a good or service that is distinct? Example one: A telecoms company enters into a contract for the sale of a mobile device and connection to its mobile network. The contract, which lasts for two years, gives … Read more

Last update 16/09/2019 This is an example in a small series for illustrating the concepts in What is a good or service that is distinct? Scenario C                                            >>>>> See scenario A here, and scenario … Read more

Last update 16/09/2019 This is an example in a small series for illustrating the concepts in What is a good or service that is distinct? Scenario A                                            >>>>> See scenario B here, and scenario … Read more

Last update 16/09/2019 This is an example in a small series for illustrating the concepts in What is a good or service that is distinct? Identify Software industry obligations – Customisation Scenario B Identify Software industry obligations – Customisation >>>>> See scenario A here, and scenario C here Information from scenario A: A vendor enters into … Read more

Last update 16/09/2019 This is an example in a small series for illustrating the concepts in What is a good or service that is distinct? The scenarios in the following example demonstrates how two transactions which are substantively very similar but have different legal contract structures are accounted for in the same way (illustrating how … Read more

Last update 16/09/2019 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 16/09/2019 This is an example in a small series for illustrating the concepts in What is a good or service that is distinct? The scenarios in the following example demonstrates how two transactions which are substantively very similar but have different legal contract structures are accounted for in the same way (illustrating how … Read more

Last update 16/09/2019 This is an example in a small series for illustrating the concepts in What is a good or service that is distinct? Identify Equipment and consumables industry obligations A vendor enters into a contract to supply a customer with an item of equipment and consumables that are required to operate the equipment. … Read more

Last update 16/09/2019 These are two examples in a small series for illustrating the concepts in What is a good or service that is distinct? Construction of a building Identify Building Construction performance obligations A building contractor (the vendor) enters into a contract to build a new office block for a customer. The vendor is … Read more