A contract is an agreement between two or more parties that creates enforceable rights and obligations. For revenue recognition, a contract must meet certain criteria, such as both parties approving the agreement and having a clear commitment to fulfilling their respective obligations. Step 2: Identif...
If the above criteria are not fulfilled (or one of them is not met), then the contract modification isnot a separate contractand the accounting depends on further analysis. Let’s take a look at our situation. Here, as we concluded that additional goods are distinct, the main question isw...
The Staff believed that revenue from the sale of off-plan units,based on specific fact pattern as described in the submission, should be recognised at a point in time because none of the IFRS 15.35 criteria for recognition of revenue over time is met. The Staff focused their analysis on the...
ACCA P2 Hedging criteria and hedge effectiveness 13:29 ACCA P2 Hedge Accounting 25:31 ACCA P2 Group Statement of Profit and Loss 23:25 ACCA P2 Group SPL - Changes in Group Structure - Example 6 (updated) 14:07 ACCA P2 Group SFP - Change in structure - Example 5 23:51 ACCA P2...
IFRS 15 sets a few criteria when you should recognize revenue over time. In all other cases, revenue is recognized at the point of time. You can read more about itin this article, or learn it in details inmy IFRS Kit. Except for these 5 steps, IFRS 15 arranges a few other areas, ...
Variable revenue Updated to reflect "highly probably" vs. "probable" recovery Considered upon "probable" criteria Assessment of IFRS 15 implications on-going The actual IFRS 15 impacts may differ from the estimates when adopting the standard as of 1st January 2018. Equity IFRS 15 EXPECTED ...
It requires the application of significant judgement in some areas, but in other areas it is relatively prescriptive, allowing little room for judgement. Whereas [IAS 18] provides separate revenue recognition criteria for goods and services, this distinction is removed under [IFRS 15]. The new ...
IFRS 15 sets a few criteria when you should recognize revenue over time. In all other cases, revenue is recognized at the point of time. You can read more about itin this article, or learn it in details inmy IFRS Kit. Except for these 5 steps, IFRS 15 arranges a few other areas, ...
unifytherecognitioncriteriaforrevenue,inMay2014,IASBandFASBissued“IFRS15- RevenuefromContractswithCustomers”,using“Asset-LiabilityView”as thebasicideaofrevenuerecognitionandputtingforwardrecognitioncriteriaforrevenuewhichis basedoncontracts. ThispapersummarizedtherevisingprocessofIFRS15,thefeedbackfromthepublicandth...
Two or more contracts that are entered into around the same time with the same customer may be combined and accounted for as a single contract, if they meet the specified criteria. 合同是两方或多方之间签订的可强制执行的权利和义务的协议,对形式上多份但实质为一份合同的,应将一组合同合并核算 ...