IFRS 15 Revenue Recognition Formulae Sheet provides a concise guide to the key steps and calculations for recognizing revenue under IFRS 15, including:
Five-Step Model:
Identify the contract.
Identify performance obligations.
Determine the transaction price.
Allocate the transaction price to...
element
Separate
② Performance obligations Customer benefit from
on its ow n
can
good or service
distinct
Promise to transfer identifiable
separately
is
Not used to modify or customise
Not significantly
another
good or service
integrated
Not
highly interrelated
with another good
Amount expecting
to
be entitled to
③ Transaction Excludes for
price
collected 3rd
amounts
parties
Variable Considerations
Sale with
right Significant financing
of return TVM (Interest expense Income)
component
.
Trade andSettlement discounts
b b ↑
Immediately Net Revenue to amount entitled
to .
Recognize allowance for Sp
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