The practical expedients to be used by an entity shall be applied consistently

The practical expedients to be used by an entity

This preview shows page 17 out of 17 pages.

The practical expedients to be used by an entity shall be applied consistently and the entity shall disclose: (1) the expedients that have been used; and (2) to the extent reasonably possible, a qualitative assessment of the estimated effect of applying each of those expedients. 2. Retrospectively according to an alternative transition method Under the alternative transition method, restatement of comparative years is not required but the cumulative effect of initially applying IFRS 15 should be recognized as an adjustment to the opening retained earnings on the effective date (in the year of initial application). Withdrawal of other Standards: This Standard supersedes the following Standards: a. IAS 11 Construction Contracts ; b. IAS 18 Revenue ; c. IFRIC 13 Customer Loyalty Programmes ; d. IFRIC 15 Agreements for the Construction of Real Estate ; e. IFRIC 18 Transfers of Assets from Customers ; and f. SIC - 31 Revenue—Barter Transactions Involving Advertising Services . Appendix D: Amendments to other Standards This Appendix describes the amendments to other Standards that the IASB made when it finalized IFRS 15. An entity shall apply the amendments for annual periods beginning on or after 1 January 2018. If an entity applies IFRS 15 for an earlier period, these amendments shall be applied for that earlier period.
Image of page 17

You've reached the end of your free preview.

Want to read all 17 pages?

  • Summer '20
  • IFRIC, Exo Company, entity’s right

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes