Examples of variable consideration include discounts, rebates, refunds, credits, price concession, incentives, performance bonuses and penalties. IFRS 15 introduces a constraint such that for most types of…… Read more “IFRS 15 – VARIABLE CONSIDERATION”
Category: IFRS 15
IFRS 15 – Costs to fulfil a contract
If the costs to fulfil a contract (e.g. a construction company may need to mobilize equipment to the construction site) are not within the scope of another…… Read more “IFRS 15 – Costs to fulfil a contract”
IFRS 15 – Costs of obtaining a contract
Under IFRS 15, costs to obtain a contract that would have been incurred irrespective of whether the contract was obtained are recognized as an expense when incurred,…… Read more “IFRS 15 – Costs of obtaining a contract”
IFRS 15 – SIGNIFICANT FINANCING COMPONENT
Under IFRS 15, an entity is required to assess whether a contract contains a significant financing component, if it receives consideration more than one year before or…… Read more “IFRS 15 – SIGNIFICANT FINANCING COMPONENT”
IFRS 15 & Customer Loyalty Programs
When customers acquire goods from a retailer, they are sometimes awarded with points or vouchers that can be used to obtain other goods or services from that retailer, or…… Read more “IFRS 15 & Customer Loyalty Programs”
IFRS 15 & Contract Modifications
In my previous article I covered the basic principles of IFRS 15, the new standard on Revenue recognition. In this article I will deal with a very important aspect of…… Read more “IFRS 15 & Contract Modifications”
IFRS 15 – A quick guide
IFRS 15 was issued in May 2014 and applies to an annual reporting period beginning on or after 1 January 2018. IFRS 15 requires an entity to recognize revenue…… Read more “IFRS 15 – A quick guide”
