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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Last update 21/12/2019 Revenue from Engineering Construction contracts – IFRS 15 has superseded virtually all revenue recognition requirements that Engineering & Construction entities (‘E&C entities’) used.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

Last update 02/12/2019 Retirement Benefit Plans – The objective of IAS 26 is to specify measurement and disclosure principles for the reports of retirement benefit plans. All plans should include in their reports a statement of changes in net assets available for benefits, a summary of significant accounting policies and a description of the plan … Read more

Last update 17/12/2019 Restructurings – Example on recognising and measuring provisions Topics hide The Case: Key definitions [IAS 37 10] Recognition of a provision Restructurings Related posts: The Case: A restructuring is a program that is planned and controlled by management and materially changes either the scope of a business undertaken by an entity or … Read more

Last update 22/12/2019 Restatement for effects of hyperinflation – This example accompanies, but is not part of, IFRIC 7. IE1 This example illustrates the restatement of deferred tax items when an entity restates for the effects of inflation under IAS 29 Financial Reporting in Hyperinflationary Economies. As the example is intended only to illustrate the … Read more

Last update 23/11/2019 Reseller and distributor arrangements describes the changes distributors and resellers might have to apply to their accounting for revenue, distribution arrangements and movements of products between for example dealers. IFRS 15 changes practice for entities that sell their products through distributors or resellers. IFRS 15 changes practice for entities that sell their … Read more

Last update 01/12/2019 Required Disclosure for error restatements – If an error (either accidental or intentional in nature) is subsequently discovered that affected a prior period, the nature of the error, its effect on previously issued financial statements, and the effect of its adjustment on current period’s net income and EPS should be disclosed in … Read more

Last update 19/12/2019 Repurchase options and residual value guarantees – Original Equipment Manufacturers (OEMs) may have a right or obligation to repurchase vehicles as part of a contract with a customer or may provide residual value guarantees to certain customers. Examples include repurchase options on sales of fleet vehicles or residual value guarantees to fleet … Read more