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[IAS11]ConstructionContracts(seeappendixA2);
IFRIC13CustomerLoyaltyProgrammes(see5.6inappendixA1);
IFRIC15AgreementsfortheConstructionofRealEstate(see2.2inappendixA1);
IFRIC18TransfersofAssetsfromCustomers(see2.4inappendixA1);
and
[SIC-31]Revenue-BarterTransactionsInvolvingAdvertisingServices(see4.5inappendixA1).
1.2ComparisonofIFRS15withpredecessorIFRSs
[IFRS15]isacomplexStandard,introducingfarmoreprescriptiverequirementsthanwerepreviouslyincludedinIFRSs,anditmayresultinsubstantialchangestorevenuerecognitionpoliciesforsomeentities.Itrequirestheapplicationofsignificantjudgementinsomeareas,butinotherareasitisrelativelyprescriptive,allowinglittleroomforjudgement.
Whereas[IAS18]providesseparaterevenuerecognitioncriteriaforgoodsandservices,thisdistinctionisremovedunder[IFRS15].ThenewStandardfocusesinsteadontheidentificationofperformanceobligationsanddistinguishesbetweenperformanceobligationsthataresatisfied‘atapointintime’andthosethataresatisfied‘overtime’,whichisdeterminedbythemannerinwhichcontrolofgoodsorservicespassestothecustomer.Thenewmodelmeansthatrevenuemayberecognisedovertimeforsomedeliverablespreviouslyaccountedforasgoods(e.g.somecontractmanufacturing);
italsomeansthatrevenuemayberecognisedatapointintimeforsomedeliverablespreviouslyaccountedforasservices(e.g.someconstructioncontracts).
Specifictopicsonwhichmoreprescriptiverequirementshavebeenintroducedinclude:
theidentificationofacontractwithacustomer;
theidentificationofdistinctperformanceobligationsandtheallocationofthetransactionpricebetweenthoseobligations;
accountingforvariableconsiderationandsignificantfinancingcomponents;
recognitionofrevenuearisingfromlicences;
presentationanddisclosureofrevenuefromcontractswithcustomers,andotherbalancesrelatedtorevenue.
Otherchangesinclude:
thescopeof[IFRS15]hasbeenexpandedtocovercostsrelatingtocontracts,distinguishingbetweencostsofobtainingacontractandcostsoffulfillingacontract,andprovidingdetailedguidanceonwhenitisappropriatetocapitalisesuchcosts;
whereaspreviously[IAS11]providesspecificrequirementsforaccountingforconstructioncontracts,suchcontractsareaccountedforinaccordancewiththegeneralprinciplesof[IFRS15];
therecognitionofinterestrevenueanddividendrevenuearenotwithinthescopeof[IFRS15].Thesemattersarenowdealtwithunder[IFRS9]FinancialInstrumentsor,forentitiesthathavenotyetadopted[IFRS9],[IAS39]FinancialInstruments:
RecognitionandMeasurement;
specificallyexcludedfromthescopeof[IFRS15]arenon-monetaryexchangesbetweenentitiesinthesamelineofbusinesstofacilitatesalestocustomersorpotentialcustomers.Thisscopeexclusionisdifferentfromtherelatedguidanceunder[IAS18:
12]whichreferstoexchangetransactionsthatarenotregardedastransactionsthatgeneraterevenue–thesearetransactionsinwhichgoodsorservicesare“exchangedorswappedforgoodsorserviceswhichareofasimilarnatureandvalue”.
Thedisclosuresrequiredby[IFRS15]arelikelytobemuchmoreextensivethanthosepreviouslyprovidedinaccordancewith[IAS11]and[IAS18],andadditionaldisclosuresarealsorequiredininterimfinancialreportspreparedinaccordancewith[IAS34]InterimFinancialReporting.Insomecases,entitiesmayneedtoconsiderchangestoexistingsystemsandprocessesinordertocapturetheinformationtobedisclosed.
1.3ApplicationoftheIFRS15framework
Theoverviewbelowisintendedtoprovideaguideforuserstonavigatethekeyconceptsof[IFRS15].TheoverviewdoesnotsummarisealloftherequirementsoftheStandard–usersshouldrefertothemoredetaileddiscussionslaterinthischapterandtothetextoftheStandardforacompleteunderstanding.
Inordertomeetthecoreprincipleofrecognisingrevenuetodepictthetransferofpromisedgoodsorservicestocustomersinanamountthatreflectstheamountofconsiderationtowhichanentityexpectstobeentitledinexchangeforthosegoodsorservices,[IFRS15]adoptsafive-stepmodel(seesection4forbackground).
RequirementoftheStandard
Detaileddiscussion
Step1requiresanentitytoidentifythecontractwiththecustomer.Acontractdoesnothavetobewritteninorderforittomeetthecriteriaforrevenuerecognition;
however,itdoesneedtocreateenforceablerightsandobligations.[IFRS15]providesdetailedguidanceonhowtoidentifyacontract.Thisstepalsoconsiderswhenitisappropriatetocombinecontracts(see5.4)andtheimplicationsforrevenuerecognitionofmodifyingacontract(seesection10).
Section5
Step2requiresanentitytoidentifythedistinctgoodsorservicespromisedwithinthecontract.Distinctgoodsandservicesshouldbeaccountedforasseparatedeliverables(thisprocessissometimesknownas‘unbundling’).Thesedistinctgoodsandservicesarereferredtoas‘performanceobligations’.Specificguidancemustbeconsideredtodeterminewhetheragoodorserviceisdistinct.
Section6
Furtherguidanceisalsoprovidedin[IFRS15]toidentifydistinctperformanceobligationsinparticularscenarios:
•warranties(see6.3.4);
•customeroptionstopurchaseadditionalgoodsandservicesatadiscount(orforfree)(see6.3.5);
and
•non-refundableupfrontfees(see6.3.6).
Step3requiresanentitytodeterminethetransactionpriceforthecontract.Thiswillbeaffectedbyanumberoffactorsincluding:
Section7
•variableconsideration(seesection7.2);
•theextenttowhichtherecognitionofvariableconsiderationshouldbeconstrained(see7.3);
•significantfinancingcomponentswithinacontract,whichwillrequireanadjustmentforthetimevalueofmoney(seesection7.4);
•ifnon-cashconsiderationisreceivedinexchangefortransferringpromisedgoodsorservices(see7.5);
•ifanyconsiderationispayabletothecustomeraspartofthetransaction(see7.6).
Step4requiresanentitytoallocatethetransactionpricedeterminedinStep3totheperformanceobligationsidentifiedinStep2.IFRS15requiresthisallocationtobebasedonthestand-alonesellingpriceofeachperformanceobligationandincludesdetailedrequirementsonhowanydiscountsorvariableconsiderationshouldbetreatedintheallocation(see8.3and8.4,respectively).
Section8
Furtherguidanceisincludedwithin[IFRS15]regardinghowentitiesshouldaccountfor:
•breakage(customers’unexercisedrights)(seesection7.7);
•changesinthetransactionprice(see8.5).
Inprinciple,allocationonastand-alonesellingpricebasisrequiresacalculationtobeperformedforeachcontractcontainingmorethanoneperformanceobligation.Thismayproveasignificantlogisticalchallengeforentitieswithaverylargenumberofdifferentcontracts,andinsomecaseschangestoexistingsystemsmaybeneeded.
Step5specifieshowanentityshoulddeterminewhentorecogniserevenueinrelationtoaperformanceobligation,andwhetherthatrevenueshouldberecognisedatapointintimeoroveraperiodoftime.[IFRS15]focusesonwhencontrolofthegoodorservicepassestothecustomer,whichmaybeovertimeoratapointintime.
Section9
[IFRS15]includesspecificguidanceonlicences.Itdistinguishesbetweentwodifferenttypesoflicence(rightofuseandrighttoaccess),withthetimingofrevenuerecognitionbeingdifferentforeach.
Section11
[IFRS15]includesguidanceonhowtoaccountforcostsrelatingtoacontract,distinguishingbetweencostsofobtainingacontractandcostsoffulfillingacontract.Whenthisresultsincostsbeingcapitalised,additionalguidanceisprovidedondetermininganappropriateamortisationperiodandonimpairmentconsiderations.
Section12
Detailedguidanceisprovidedin[IFRS15]onboththepresentationanddisclosureoftherevenuebalance,andotherbalancesrelatedtorevenueinthefinancialstatements.
Sections13and14
Onadoptionof[IFRS15],entitiesareabletotransitionusingeither:
Section15
•afullyretrospectiveapproach(withsomeelectivepracticalexpedients);
or
•amodifiedapproachtoretrospectiveapplication,whichrequiresacumulativecatch-upadjustmenttobemadetoequityatthestartoftheyearinwhichtheStandardisfirstapplied(i.e.prioryearspresentedarenotrestated).
1.4ConvergenceprojectwithFASB
[IFRS15]istheresultofaconvergenceprojectbetweentheIASBandtheUSFinancialAccountingStandardsBoard(FASB).[IFRS15]andtheequivalentUSstandardarenearlyfullyconverged,themain