Ifrs 15 Revenue From Contracts With Customers Ppt

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Ifrs 15 revenue from contracts with customers ppt. 3 issue date. Presented by cpa peter njuguna. The standard provides a single principles based five step model to be applied to all contracts with customers. Iasb issued ifrs 15 revenue from contracts with customers on 28 may 2014 replacing ias 11 ias 18 ifric 13 ifric 15 ifric 18 and sic 31.

Disregard the first slide. 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. Ias 18 revenue ias 11 construction contracts sic 31 revenue barter transaction involving advertising services ifric 13 customer loyalty programs ifrs 15 agreements for the construction.

Pwc 22 in case of framework contracts with b2b customers the company plans to consider a contract according to ifrs 15 as. Sets out the requirements for recognising revenue. Ifrs 15 replaces the following standards and interpretations. Step 1 step 2 step 3 step 4 step 5 there is no obvious answer on what constitutes a contract in b2b framework agreements 9 3 14 2 2 0 2 4 6 8 10 12 14 16 we have not decided yet we do not have such contracts depends on.

2 introduction revenue is income from ordinary activities. How should an entity determine whether a promise is a distinct performance obligation and should be accounted for separately or whether it should be. Ifrs 15 revenue from contracts with customers 2 defined terms ifrs 15 defines the following terms that form an integral part of this ifrs. Ifrs 15 marks a historic event in that this is first standard where iasb and fasb have converged.

Revenue from contracts with customers ifrs 15 chapter 23 introduction p 805 income of a trading entity revenue. View revenue slides 2016 ppt from accounting 2a at university of johannesburg. Ifrs 15 specifies how and when an ifrs reporter will recognise revenue as well as requiring such entities to provide users of financial statements with more informative relevant disclosures. Ifrs 15 revenue from contracts with customers free download as powerpoint presentation ppt pptx pdf file pdf text file txt or view presentation slides online.

Ifrs 15 revenue from contracts with customers your questions answered. Contract an agreement between two or more parties that creates enforceable rights and obligations. However there are minor differences between us gaap and ifrs. Revenue from contracts with customers.