Several of them said most of the educational institutions in their jurisdictions are public or not-for-profit. Hence, they do not apply IFRS Accounting Standards and there are no interim financial statements prepared. Therefore, they did not observe diversity in applying IFRS Accounting Standards ...
The five revenue recognition steps of IFRS 15 – and how to apply them. 1. Identify the contract 2. Identify separate performance obligations 3. Determine the transaction price 4. Allocate transaction price to performance obligations 5. Recognise revenue when each performance obligation i...
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distinctprofitmargin. Recognitionandmeasurementofrevenue Factorsforconsiderationastowhetheranentity’s promisetotransferthegoodorservicetothecustomeris separatelyidentifiableinclude,butarenotlimitedto: a)Theentitydoesnotprovideasignificantserviceof integratingthegoodorservicewithothergoodsor servicespromisedinthecontract...
To make it systematic, IFRS 15 requires application of5 step model for revenue recognition. The 5 steps are shown in the following picture: Let’s describe them a bit. Step 1: Identify the contract with the customer Acontractis an agreement between 2 parties that creates enforceable rights an...
is that an entity shall recognise revenue from thetransfer of promised good or servicesto customers at an amount thatreflects the considerationto which the entity expects to be entitled in exchange for those goods and services. The standard introduces afive-step modelfor the recognition of revenue...
IFRS 15 Revenue from Contracts with Customers New revenue recognition standard was issued:IFRS 15 Revenue from Contracts with Customersand it should fill the gap between IFRS and US GAAP. FASB (the US GAAP standard setting body) issued the new revenue recognition standard, too:Topic 606, which ...
IFRS 15: standardises revenue recognition, which is crucial for comparability IFRS 16: brings leases on balance sheets, providing a comprehensive financial view These standards collectively promote transparency and reliability, aiding decision-making and investor confidence globally. They have significant im...
最重要的会计科目(上):收入确认新准则IFRS15 译者注:本文译自ACCA-P2最新(2015年9月)两篇文章《Revenue revisited》。收入可以说是最重要的会计科目,收入确认准则无疑也是极其重要的,影响深远的(对ACCA考试至少是F7F8P2P7)。 因为文章很长,且用词重复多,为方便阅读理解,译者对原文进行了改编和一些简化,比如:Fina...
增加了一段26A,说明当出现上述重分类情况时,其处理方式与一般的中止出售或中止派发的情况是不同的——在中止确认的情况下,资产需要被重新确认公允价值,与原本账面价值的差异(无论增减)均计入中止当期的损益表,并包含在持续经营结果(profit or loss from continuing operations)中;而在上述重分类中,资产公允价值的变化...