IFRS 15: Disclosure

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Last updated: 7 November 2018 Disclosure requirements relating to contracts with customers are set out in paragraphs IFRS 15.110-128; B87-B89. As these disclosure requirements are quite extensive and some of them are not relevant for all entities, the IASB made it clear that the disclosure requirements should not be treated as a checklist, but instead … Read more

Contract Costs (IFRS 15)

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Last updated: 30 March 2020 IFRS 15 specifically deals with incremental costs of obtaining a contract and costs to fulfil a contract. Incremental costs of obtaining a contract Incremental costs of obtaining a contract are those costs that the entity would not have incurred if the contract had not been obtained (e.g. if any of … Read more

Contract Assets and Contract Liabilities (IFRS 15)

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Last updated: 26 July 2019 Contract asset Contract asset is recognised when a performance obligation is satisfied (and revenue recognised), but the payment is conditional not only on the passage of time. The other conditions usually relate to entity’s fulfilment of other performance obligations in the contract. Contract assets are different from trade receivables, because trade … Read more

IAS 10 Objective Scope Definitions

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Objective 1 The objective of this Standard is to prescribe: when an entity should adjust its financial statements for events after the reporting period; and the disclosures that an entity should give about the date when the financial statements were authorised for issue and about events after the reporting period. The Standard also requires that … Read more

IAS 1 Objective Scope Definitions

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IAS 1 Objective IAS 1 Objective Scope Definitions 1 This Standard prescribes the basis for presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. It sets out overall requirements for the presentation of financial statements, guidelines for their … Read more

Cash-generating unit

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A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.