ASC 606 and IFRS 15 also differ in how they assess collectibility. Both IFRS 15 and ASC 606 recognise revenue only if it is probable that the entity will collect the full consideration to which it is entitled. But under ASC 606, “probable” means a likelihood of75% or higher, while und...
Lease accounting software manages a company’s leased real estate properties, assets and equipment, enabling compliancy with financial reporting regulations such as IFRS 16.
IFRS is used in a wide range of countries and jurisdictions. Being compliant with IFRS makes it easier to receive investment and business credit as it brings transparency, strengthens accountability and contributes to economic efficiency. By having IFRS, an accounting standard that is followed by mor...
《IFRS15——客户合同收入》解析及对我国收入准则国际趋同的建议 2014年5月28日,国际会计准则理事会(IASB)发布了《国际财务报告准则第15号——客户合同收入》(IFRS 15 Revenue from Contracts with Customers).该准则是IASB与美国财... 季韩波 - 《金融会计》 被引量: 34发表: 2015年 IFRS 15 - revenue from...
Stay compliant and informed with our expert guide that teaches you all you need to know about the IFRS standards and how they may impact your business.
“What is the difference between contract asset and an account receivable? I know that contract asset is a new term under IFRS 15, but I just don’t understand when we should account for a contract asset and when to account for a trade receivable. Isn’t it the same?” ...
Compliance with revenue recognition standards:Adhering to accounting standards such asASC 606 and IFRS 15, which require revenue to be recognized when it is earned and not when it is received Complex revenue recognition processes:Requiring sophisticatedaccounting systemsto manage and track revenue recognit...
Perpetual inventory system:You continuously track inventory and COGS in real-time. This is often called the “moving average cost” method. The WAC method is permitted under both the GAAP and IFRS accounting rules. What is GAAP? GAAP (Generally Accepted Accounting Principles)is the set of standa...
IFRS is a global set of standards used by 15 of the G20 countries.1 GAAP is specific to the United States and has been adopted by the SEC.2 IFRS IFRS stands for International Financial Reporting Standards. The International Accounting Standards Board (IASB) is the accounting standards body fo...
This is not to say CFOs have relinquished their responsibility for cash-flow management, regulatory compliance, or financial reporting. The CFO is still ultimately held accountable for the financial health of the business—first and foremost. The key duties of the CFO also vary depending on an or...