Ifrs 15 Revenue From Contracts With Customers Effective Date

Effective date and transition 7 contract costs 8 contract modifications 9 licensing 10 other application issues 11.

Ifrs 15 revenue from contracts with customers effective date. Ifrs 15 supersedes the current revenue recognition standards including ias 18 revenue ias 11 construction contracts and their related interpretations. Hkas 18 revenue hkas 11 construction contracts hk ifric int 13 customer loyalty programmes hk ifric int 15 agreements for the construction of real estate hk ifric int 18 transfers of assets from. Ifrs 15 is an international financial reporting standard ifrs promulgated by the international accounting standards board iasb providing guidance on accounting for revenue from contracts with customers. In this session the iasb technical manager provided a summary of the feedback received on the exposure draft effective date of ifrs 15 published by the iasb in may 2015.

Earlier application is permitted. 22 jul 2015 comment letter summary due process and permission to ballot. The standard provides a single principles based five step model to be applied to all contracts with customers. On 15 october 2014 efrag issued an invitation to comment relating to the endorsement of ifrs 15 for use in the european union and european economic area.

The effective date is 1 january 2017. Reporting revenue under ifrs 15 is now one of the ordinary activities of companies. Effective date of ifrs 15 proposed amendments to ifrs 15 this basis for conclusions accompanies but is not part of the draft amendments. In may 2014 the iasb and fasb issued their converged standard on revenue recognition ifrs 15 and asc 606 revenue from contracts with customers.

And the iasb members voted on whether to finalise the deferral of the effective date of ifrs 15 by one year to 1 january 2018. Ifrs 15 revenue from contracts with customers including insights and examples to help. Contract an agreement between two or more parties that creates enforceable rights and obligations. It was the subject of a joint project with the financial accounting standards board fasb which issues accounting guidance in.

The standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognised. To hkfrs 15 revenue from contracts with customers. It will become effective on 1 january 2018 with retrospective application and early adoption is permitted. Ifrs 15 was issued in may 2014 and applies to an annual reporting period beginning on or.

Customer a party that has contracted with an entity to obtain goods or services that are an output of the. Ifrs 15 revenue from contracts with customers 2 defined terms ifrs 15 defines the following terms that form an integral part of this ifrs. Financial periods beginning on or after 1 january 2018. It was adopted in 2014 and became effective in january 2018.

Effective date paragraph c1 bc1 in may 2014 the iasb issued ifrs 15 revenue from contracts with customers with an effective date of 1 january 2017. The effective date is 1 january 2017.