Revenue From Contracts With Customers Ey

Ifrs 15 revenue from contracts with customers and accounting standards codification asc 606 revenue from contracts with customers1 together with ifrs 15 the standards that were issued in 2014 by the international accounting standards board iasb or the board and the us financial accounting standards board fasb collectively the boards.

Revenue from contracts with customers ey. Our publication summarizes certain requirements of accounting standards codification 606 revenue from contracts with customers and provides questions for companies to consider to help them evaluate the potential economic effects of the covid 19 pandemic on revenue recognition areas that may be affected include variable consideration contract modifications and terminations. Ey s panel will discuss how the requirements of the iasb s new standard ifrs 15 revenue from contracts with customers will impact some common revenue arrangements. Ifrs 15 was issued in may 2014 and applies to an annual reporting period beginning on or. Ifrs 15 revenue from contracts with customers ifrs 15 or the standard provides accounting requirements for all revenue arising from contracts with customers.

The standard provides a single principles based five step model to be applied to all contracts with customers. 2295 5014 5033 person nominating. 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. 965 2245 6419 or email t o.

Updated september 2019 a closer look at ifrs 15 the revenue recognition standard 2 overview the largely converged revenue standards ifrs 15 revenue from contracts with customers and accounting standards codification asc 606 revenue from contracts with customers1 together with ifrs 15 the standards that were issued in 2014 by the international accounting standards board iasb. Revenue from contracts with customers 21 august 2017 please fax t his form to ey training k uwait. It affects all entities that enter into contracts to provide goods or services to their customers unless the contracts are in the scope of other ifrss such as the leases standard. Our frd publication on asc 606 revenue from contracts with customers has been updated to 1 expand our discussion of the variable consideration allocation exception and add two illustrations and 2 add discussion of a recent technical correction to the codification.

Refer to appendix a of the publication for a summary of the updates. For more courses please vi sit our website. This webcast is the first in a series of three in which our panel will discuss the iasb s standard ifrs 15 revenue from contracts with customers. Revenue from contracts with customers part 2 3 afternoon session online.