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Summary Revenue IFRS 15 $2.92   Add to cart

Summary

Summary Revenue IFRS 15

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Summary of discussion and recognition of Revenue under IFRS 15

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  • February 9, 2018
  • 9
  • 2016/2017
  • Summary
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Revenue
STEP 1 STEP 2 STEP 3 STEP 4 STEP 5

Identify the contract Identify the performance Determine the Allocate the transaction Recognise the revenue as/when
with the customer obligations in the contract transaction price price to the performance performance obligation is
obligation satisfied
C PO TP A R




Revenue Gains
Generated in course of ordinary activities Generated through abnormal transactions (disposals) – OCI / OI


Core Principle

Transfer of goods for an amount equal to the expected consideration entitled to

Step 1:

 Customer is person contracted to obtain output of entity in exchange for consideration




Criteria to identify a contract

,  Approved and parties committed to obligations
 Rights identified
 Pmt terms identified
 Comm substance
 Collection of consideration probable

Once the criteria has been met no reassessment unless significant changes occur

If criteria not met continue to assess if subsequently met

If consideration received before criteria met revenue only if:

 No remaining obligation to transfer goods/services and full non-refundable consideration received
 Contract terminated and consideration non-refundable

Recognise consideration as L until event above occurs or contract criteria met at the amount of consideration

R > O = Contract Asset

O > R = Contract Liability

Receivable Contract Asset
Unconditional right to consideration Conditional right to consideration


Wholly unperformed contract

 NO contract exists if No performance from entity & No receipt of consideration

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