IFRS-15 - IFRS 15 IFRS Standard 15 Revenue from Contracts...

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IFRS Standard 15 Revenue from Contracts with Customers In April 2001 the International Accounting Standards Board (the Board) adopted IAS 11 Construction Contracts and IAS 18 Revenue , both of which had originally been issued by the International Accounting Standards Committee (IASC) in December 1993. IAS 18 replaced a previous version: Revenue Recognition (issued in December 1982). IAS 11 replaced parts of IAS 11 Accounting for Construction Contracts (issued in March 1979). In December 2001 the Board issued SIC-31 Revenue—Barter Transactions Involving Advertising Services . The Interpretation was originally developed by the Standards Interpretations Committee of the IASC to determine the circumstances in which a seller of advertising services can reliably measure revenue at the fair value of advertising services provided in a barter transaction. In June 2007 the Board issued IFRIC 13 Customer Loyalty Programmes . The Interpretation was developed by the IFRS Interpretations Committee (the ‘Interpretations Committee’) to address the accounting by the entity that grants award credits to its customers. In July 2008 the Board issued IFRIC 15 Agreements for the Construction of Real Estate . The Interpretation was developed by the Interpretations Committee to apply to the accounting for revenue and associated expenses by entities that undertake the construction of real estate directly or through subcontractors. In January 2009 the Board issued IFRIC 18 Transfers of Assets from Customers . The Interpretation was developed by the Interpretations Committee to apply to the accounting for transfers of items of property, plant and equipment by entities that receive such transfers from their customers. In May 2014 the Board issued IFRS 15 Revenue from Contracts with Customers , together with the introduction of Topic 606 into the Financial Accounting Standards Board’s Accounting Standards Codification ® . IFRS 15 replaces IAS 11, IAS 18, IFRIC 13, IFRIC 15, IFRIC 18 and SIC-31. IFRS 15 provides a comprehensive framework for recognising revenue from contracts with customers. In September 2015 the mandatory effective date of IFRS 15 was deferred to 1 January 2018 by Effective Date of IFRS 15 . Other Standards have made minor consequential amendments to IFRS 15, including IFRS 16 Leases (issued January 2016). IFRS 15 IFRS Foundation A673
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C ONTENTS from paragraph INTRODUCTION IN1 INTERNATIONAL FINANCIAL REPORTING STANDARD 15 REVENUE FROM CONTRACTS WITH CUSTOMERS OBJECTIVE 1 Meeting the objective 2 SCOPE 5 RECOGNITION 9 Identifying the contract 9 Combination of contracts 17 Contract modifications 18 Identifying performance obligations 22 Satisfaction of performance obligations 31 MEASUREMENT 46 Determining the transaction price 47 Allocating the transaction price to performance obligations 73 Changes in the transaction price 87 CONTRACT COSTS 91 Incremental costs of obtaining a contract 91 Costs to fulfil a contract 95 Amortisation and impairment 99 PRESENTATION 105 DISCLOSURE 110 Contracts with customers 113 Significant judgements in the application of this Standard 123
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  • Spring '17
  • Jane Smith
  • entity, International Financial Reporting Standards, Financial Accounting Standards Board, IFRS Foundation

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