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Disclosure financial assets and liabilities Introductory guidance Disclosing financial assets and liabilities (financial instruments) in one note Users of financial reports have indicated that they would like to be able to quickly access all of the information about the entity’s financial assets and liabilities in one location in the financial report. The notes are therefore … Read more
Topics hide IFRS 15 Revenue Disclosures Examples Disaggregation of revenue Accounting policies and significant judgements Other potential disclosures Example Disclosure IFRS 15 Revenue from contracts with customers 3 Revenue from contracts with customers 3(a) Disaggregation of revenue from contracts with customers 3(b) Assets and liabilities related to contracts with customers 3(c) Accounting policies and significant … Read more
Topics hide Sale with a right of return in IFRS 15 Worked example – Sale with a right of return Partial refunds Restocking fees and costs Conditional right of return Historical experience Sale with a right of return in IFRS 15 Under IFRS 15 Revenue from contract with customers, when an entity makes a sale … Read more
Topics hide Variable consideration in transaction price Customer credit risk Variable consideration Example – Variable consideration – over-time revenue recognition Example – variable consideration – point in time recognition Estimating the variable consideration Example – Variable consideration – expected value method Example – Variable consideration – most likely amount Variable consideration in transaction price Variable … Read more
Topics hide Licensing of intellectual property – in summary What is intellectual property? IFRS 15 Reporting of intellectual property Licences of intellectual property – Introduction Is the licence distinct from non-licence goods or services? Additional application examples Determine the nature of a distinct licence / Right to access IP Timing and pattern of revenue recognition … Read more
Performance obligations at a point in time or in full ‘Performance obligations satisfied at a point in time’) and Performance obligations satisfied over time are the two choices in IFRS 15. Performance obligations at a point in time Determine over time To determine whether revenue allocated to a performance obligation should be recognised over time, … Read more
(adsbygoogle = window.adsbygoogle || []).push({}); Topics hide IFRS 15 Measuring progress to completion Introduction Practical expedient in IFRS 15 for recognition of revenue over time Selecting a method to measure progress Time-based measure of progress: Technical support services Time-based measure of progress: Unspecified updates Determining which measure of progress to apply is not a free … Read more
(adsbygoogle = window.adsbygoogle || []).push({}); IFRS 15 Revenue disclosure requirementsprovides the disclosure requirements for IFRS 15 Revenue from Contracts with Customers in 8 Questions & Answers Topics hide Check the answers to these 8 questions: DISCLOSURES IN THE NOTES TO THE FINANCIAL STATEMENTS 1. What are the cross-cutting issues in the preparation of the notes … Read more
Last update 24/02/2020 Sales and Usage based royalties – 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. Sales and Usage based royalties The core principle is that a vendor should recognise revenue to depict … Read more
Last update 23/01/2020 Identifying the contract contract extensions – When an entity and its customer enter into a contract to renew (or extend the period of) an existing licence, the entity will evaluate whether the renewal or extension should be treated as a new licence or, alternatively, as a modification of the existing contract. A … Read more