ifrs15revenue.docx

ifrs15revenue.docx

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ifrs15revenue

.1OverviewofIFRS15

[IFRS15]RevenuefromContractswithCustomersoutlinesasinglecomprehensivemodelforentitiestouseinaccountingforrevenuearisingfromcontractswithcustomers.Thecoreprincipleisthatanentityrecognisesrevenuetodepictthetransferofgoodsorservicestocustomersinanamountthatreflectstheconsiderationtowhichtheentityexpectstobeentitledinexchangeforthosegoodsorservices.

[IFRS15]wasissuedinMay2014andisrequiredtobeappliedforannualperiodsbeginningonorafter1January2017.Priortothatdate,entitiesmaycontinuetoapplythepredecessorStandardsandrelatedInterpretations（seebelow）.Alternatively,entitiesmaychoosetoapply[IFRS15]inadvanceofthe2017effectivedate,providedthattheydisclosethatfact（seesection15fordetailedtransitionprovisions）.

[IFRS15]supersedesthefollowing:

[IAS18]Revenue（seeappendixA1）;

[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;and

presentationanddisclosureofrevenuefromcontractswithcustomers,andotherbalancesrelatedtorevenue.

Otherchangesinclude:

thescopeof[IFRS15]hasbeenexpandedtocovercostsrelatingtocontracts,distinguishingbetweencostsofobtainingacontractandcostsoffulfillingacontract,andprovidingdetailedguidanceonwhenitisappropriatetocapitalisesuchcosts;

whereaspreviously[IAS11]providesspecificrequirementsforaccountingforconstructioncontracts,suchcontractsareaccountedforinaccordancewiththegeneralprinciplesof[IFRS15];

therecognitionofinterestrevenueanddividendrevenuearenotwithinthescopeof[IFRS15].Thesemattersarenowdealtwithunder[IFRS9]FinancialInstrumentsor,forentitiesthathavenotyetadopted[IFRS9],[IAS39]FinancialInstruments:

RecognitionandMeasurement;and

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）;and

•ifanyconsiderationispayabletothecustomeraspartofthetransaction（see7.6）.

Step4requiresanentitytoallocatethetransactionpricedeterminedinStep3totheperformanceobligationsidentifiedinStep2.IFRS15requiresthisallocationtobebasedonthestand-alonesellingpriceofeachperformanceobligationandincludesdetailedrequirementsonhowanydiscountsorvariableconsiderationshouldbetreatedintheallocation（see8.3and8.4,respectively）.

Section8

Furtherguidanceisincludedwithin[IFRS15]regardinghowentitiesshouldaccountfor:

•breakage（customers’unexercisedrights）（seesection7.7）;and

•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