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...
Revenue key profitability measure , High Risk of material misstatement.
Revenue from contract with customers
Income
Increases benefits form of inflows
in the economic
during the
accounting period in the
enhancements of decreases of liabilities
or assets or that result in an increase in
equity
than from
other those
relating to contributions
equity participants
sOwners
,
-
Revenue
Income of
arising in the course an
entity's Ordinary activities
.
g
e .
Core
principles
When IFRS 15 2 .
transfer
promised goods
of
Entity shall
recognize revenue to
depict the
or services to a customer . Based on accrual basis
Amount IFRS 15 2
.
In that reflects the consideration the entity expects
an amount
to be entitled to in
exchange for those goods or .
services
, Paragraph 5-S
In-scope
All for
contracts with customers
(except ...
)
-
-
Incremental costs to obtain a contract
-
Costs to fulfill contract
Out of
scope
-
Leases (IFRS (6)
-
Insurance contracts (IFRS17)
-
Financial Instruments (IFRS9) Interest and dividends are not revenue from contract with customer
.
Contractual obligations in terms of IFR310 IFRS11 ,
rights or 1AS27 las 28
-
, ,
↳
Group Accounting
Five
step
model Step 195 (whal Step 354 (Amount
Identify contract with customers sa
promise
Identify separateserformance
I obligations in the contract
Determine transection
price
Allocate transaction
price
Recognize revenue when or as the
performance obligation is
satisfied by transferring a
promised good or service .
Step 1 :
Identify contract with customer
Contract
Appendix
A
An enforceable
agreement between parties
-
two or more that creates
rights obligations
or .
Customer
Appendix A
A that has contracted with to obtain goods
party
an
entity
-
of
Or services that are an
output the
entity's ordinary
eutirities
exchange for consideration
in .
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