In accordance with paragraph 38(e), a customer's acceptance of an asset may indicate that the customer has obtained control of the asset. Customer acceptance clauses allow a customer to cancel a contract or require an entity to take remedial action if a good or service does not meet agreed-upon specifications. An entity shall consider such clauses when evaluating when a customer obtains control of a good or service.
If an entity can objectively determine that control of a good or service has been transferred to the customer in accordance with the agreed-upon specifications in the contract, then customer acceptance is a formality that would not affect the entity's determination of when the customer has obtained control of the good or service. For example, if the customer acceptance clause is based on meeting specified size and weight characteristics, an entity would be able to determine whether those criteria have been met before receiving confirmation of the customer's acceptance. The entity's experience with contracts for similar goods or services may provide evidence that a good or service provided to the customer is in accordance with the agreed-upon specifications in the contract. If revenue is recognised before customer acceptance, the entity still must consider whether there are any remaining performance obligations (for example, installation of equipment) and evaluate whether to account for them separately.
However, if an entity cannot objectively determine that the good or service provided to the customer is in accordance with the agreed-upon specifications in the contract, then the entity would not be able to conclude that the customer has obtained control until the entity receives the customer's acceptance. That is because in that circumstance the entity cannot determine that the customer has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the good or service
If an entity delivers products to a customer for trial or evaluation purposes and the customer is not committed to pay any consideration until the trial period lapses, control of the product is not transferred to the customer until either the customer accepts the product or the trial period lapses.
Disclosure of disaggregated revenue
Paragraph 114 requires an entity to disaggregate revenue from contracts with
customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Consequently, the extent to which an entity's revenue is disaggregated for the purposes of this disclosure depends on the facts and circumstances that pertain to the entity's contracts with customers. Some entities may need to use more than one type of category to meet the objective in paragraph 114 for disaggregating revenue. Other entities may meet the objective by using only one type of category to disaggregate revenue.
When selecting the type of category (or categories) to use to disaggregate revenue, an entity shall consider how information about the entity's revenue
has been presented for other purposes, including all of the following:
disclosures presented outside the financial statements (for example, in earnings releases, annual reports or investor presentations);
information regularly reviewed by the chief operating decision maker for evaluating the financial performance of operating segments; and other information that is similar to the types of information identified in paragraph B88(a) and (b) and that is used by the entity or users of the entity's financial statements to evaluate the entity's financial performance or make resource allocation decisions.
B89 Examples of categories that might be appropriate include, but are not limited to, all of the following:
(a) type of good or service (for example, major product lines);
(b) geographical region (for example, country or region);
(c) market or type of customer (for example, government and non-government customers);
type of contract (for example, fixed-price and time-and-materials contracts); contract duration (for example, short-term and long-term contracts); timing of transfer of goods or services (for example, revenue from goods or services transferred to customers at a point in time and revenue from goods or services transferred over time); and sales channels (for example, goods sold directly to consumers and goods sold through intermediaries).
Effective date and transition
This appendix is an integral part of the Standard and has the same authority as the other parts of the Standard.
C1 An entity shall apply this Standard for annual reporting periods beginning on or
after 1 January 2017. Earlier application is permitted. If an entity applies this Standard earlier, it shall disclose that fact.
C2 For the purposes of the transition requirements in paragraphs C3-C8:
the date of initial application is the start of the reporting period in
which an entity first applies this Standard; and
a completed contract is a contract for which the entity has transferred all of the goods or services identified in accordance with IAS 11 Construction Contracts, IAS 18 Revenue and related Interpretations.
An entity shall apply this Standard using one of the following two methods:
retrospectively to each prior reporting period presented in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, subject to the expedients in paragraph C5; or retrospectively with the cumulative effect of initially applying this Standard recognised at the date of initial application in accordance with paragraphs C7-C8.
Notwithstanding the requirements of paragraph 28 of IAS 8, when this Standard is first applied, an entity need only present the quantitative information required by paragraph 28(f) of IAS 8 for the annual period immediately preceding the first annual period for which this Standard is applied (the 'immediately preceding period') and only if the entity applies this Standard retrospectively in accordance with paragraph C3(a). An entity may also present this information for the current period or for earlier comparative periods, but is not required to do so.
An entity may use one or more of the following practical expedients when
applying this Standard retrospectively in accordance with paragraph C3(a):
for completed contracts, an entity need not restate contracts that begin and end within the same annual reporting period; for completed contracts that have variable consideration, an entity may use the transaction price at the date the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods; and for all reporting periods presented before the date of initial application, an entity need not disclose the amount of the transaction price allocated to the remaining performance obligations and an explanation of when the entity expects to recognise that amount as revenue (see paragraph 120).
For any of the practical expedients in paragraph C5 that an entity uses, the
entity shall apply that expedient consistently to all contracts within all reporting periods presented. In addition, the entity shall disclose all of the following information:
(a) the expedients that have been used; and
(b) to the extent reasonably possible, a qualitative assessment of the estimated effect of applying each of those expedients.
If an entity elects to apply this Standard retrospectively in accordance with paragraph C3(b), the entity shall recognise the cumulative effect of initially applying this Standard as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) of the annual reporting period that includes the date of initial application. Under this transition method, an entity shall apply this Standard retrospectively only to contracts that are not completed contracts at the date of initial application (for example, 1 January 2017 for an entity with a 31 December year-end).
For reporting periods that include the date of initial application, an entity shall provide both of the following additional disclosures if this Standard is applied
retrospectively in accordance with paragraph C3(b):
the amount by which each financial statement line item is affected in the current reporting period by the application of this Standard as compared to IAS 11, IAS 18 and related Interpretations that were in effect before the change; and an explanation of the reasons for significant changes identified in C8(a).
References to IFRS 9
If an entity applies this Standard but does not yet apply IFRS 9 Financial
Instruments, any reference in this Standard to IFRS 9 shall be read as a reference to IAS 39 Financial Instruments: Recognition and Measurement.
A first-time adopter may apply the transition provisions in paragraph C5 of
IFRS 15. In those paragraphs references to the 'date of initial application' shall be interpreted as the beginning of the first IFRS reporting period. If a first-time adopter decides to apply those transition provisions, it shall also apply paragraph C6 of IFRS 15.
A first-time adopter is not required to restate contracts that were completed before the earliest period presented. A completed contract is a contract for which the entity has transferred all of the goods or services identified in accordance with previous GAAP.
IFRS 3 Business Combinations
Paragraph 56 is amended and paragraph 64K is added. Deleted text is struck through and new text is underlined.
After initial recognition and until the liability is settled, cancelled or expires, the acquirer shall measure a contingent liability recognised in a business combination at the higher of:
(a) the amount that would be recognised in accordance with IAS 37; and
(b) the amount initially recognised less, if appropriate, the cumulative amortisation amount of income recognised in accordance with IAS 18 Revenue the principles of IFRS 15 Revenue from Contracts with Customers. This requirement does not apply to contracts accounted for in accordance with IAS 39.
IFRS 15 Revenue from Contracts with Customers, issued in May 2014, amended
paragraph 56. An entity shall apply that amendment when it applies IFRS 15.
IFRS 4 Insurance Contracts
Paragraph 41G is added. New text is underlined.
Effective date and transition
In Appendix B, paragraphs B7 and B21 are amended. Deleted text is struck through and new text is underlined.
Examples of insurance contracts
If the contracts described in paragraph B19 do not create financial assets or financial liabilities, IAS 18 IFRS 15 applies. Under IAS 18 IFRS 15, revenue associated with a transaction involving the rendering of services is recognised by reference to the stage of completion of the transaction if the outcome of the transaction can be estimated reliably when (or as) an entity satisfies a performance obligation by transferring a promised good or service to a customer in an amount that reflects the consideration to which the entity expects to be entitled.
Gains and losses (section 5.7)
Paragraph 5.7.5 permits an entity to make an irrevocable election to present in other comprehensive income changes in the fair value of an investment in an equity instrument that is not held for trading. This election is made on an instrument-by-instrument (ie share-by-share) basis. Amounts presented in other comprehensive income shall not be subsequently transferred to profit or loss. However, the entity may transfer the cumulative gain or loss within equity. Dividends on such investments are recognised in profit or loss in accordance with IAS 18 paragraph 5.7.6 unless the dividend clearly represents a recovery of part of the cost of the investment
Net realisable value
Inventories are usually written down to net realisable value item by item. In some circumstances, however, it may be appropriate to group similar or related items. This may be the case with items of inventory relating to the same product line that have similar purposes or end uses, are produced and marketed in the same geographical area, and cannot be practicably evaluated separately from other items in that product line. It is not appropriate to write inventories down on the basis of a classification of inventory, for example, finished goods, or all the inventories in a particular operating segment. Service providers generally accumulate costs in respect of each service for which a separate selling price is charged. Therefore, each such service is treated as a separate item The disposal of an intangible asset may occur in a variety of ways (eg by sale, by entering into a finance lease, or by donation). In determining tThe date of disposal of such an asset, an entity applies the criteria in IAS 18 Revenue for recognising revenue from the sale of goods an intangible asset is the date that the recipient obtains control of that asset in accordance with the requirements for determining when a performance obligation is satisfied in IFRS 15 Revenue from Contracts with Customers. IAS 17 applies to disposal by a sale and leaseback.
The amount of consideration receivable on disposal to be included in the gain or loss arising from the derecognition of an intangible asset is recognised initially at its fair value. If payment for the intangible asset is deferred, the consideration received is recognised initially at the cash price equivalent. The difference between the nominal amount of the consideration and the cash price equivalent is recognised as interest revenue in accordance with IAS 18 reflecting the effective yield on the receivable determined in accordance with the requirements for determining the transaction price in paragraphs 47-72 of
A scope exclusion has been made for loan commitments that are not designated as at fair value through profit or loss, cannot be settled net, and do not involve a loan at a below-market interest rate. A commitment to provide a loan at a below-market interest rate is initially recognised at fair value, and subsequently measured at the higher of (a) the amount that would be recognised in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets and (b) the amount initially recognised less, when appropriate, the cumulative amortisation amount of income recognised in accordance with IAS 18 Revenue the principles of IFRS 15 Revenue from Contracts with Customers.
The scope of the Standard includes financial guarantee contracts issued. However, if an issuer of financial guarantee contracts has previously asserted explicitly that it regards such contracts as insurance contracts and has used accounting applicable to insurance contracts, the issuer may elect to apply either this Standard or IFRS 4 Insurance Contracts to such financial guarantee
contracts. Under this Standard, a financial guarantee contract is initially recognised at fair value and is subsequently measured at the higher of (a) the amount determined in accordance with IAS 37 and (b) the amount initially recognised less, when appropriate, the cumulative amortisation amount of income recognised in accordance with IAS 18 the principles of IFRS 15. Different requirements apply for the subsequent measurement of financial guarantee contracts that prevent derecognition of financial assets or result in continuing involvement. Financial guarantee contracts held are not within the scope of the Standard because they are insurance contracts and are therefore outside the scope of the Standard because of the general scope exclusion for such contracts
Definitions relating to recognition and measurement
The effective interest method is a method of calculating the amortised cost of a financial asset or a financial liability (or group of financial assets or financial liabilities) and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, an entity shall estimate cash flows considering all contractual terms of the financial instrument (for example, prepayment, call and similar options) but shall not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate (see IAS 18 Revenue paragraphs AG8A-AG8B), transaction costs, and all other premiums or discounts. There is a presumption that the cash flows and the expected life of a group of similar financial instruments can be estimated reliably. However, in those rare cases when it is not possible to estimate reliably the cash flows or the expected life of a financial instrument (or group of financial instruments), the entity shall use the contractual cash flows over the full contractual term of the financial instrument (or group of financial instruments).
Derecognition is the removal of a previously recognised financial asset or financial liability from an entity's statement of financial position.
origination fees received by the entity relating to the creation or
acquisition of a financial asset. Such fees may include compensation for activities such as evaluating the borrower's financial condition, evaluating and recording guarantees, collateral and other security arrangements, negotiating the terms of the instrument, preparing and processing documents and closing the transaction. These fees are an integral part of generating an involvement with the resulting financial instrument.
commitment fees received by the entity to originate a loan when the
loan commitment is outside the scope of this Standard and it is probable that the entity will enter into a specific lending arrangement. These fees are regarded as compensation for an ongoing involvement with the acquisition of a financial instrument. If the commitment expires without the entity making the loan, the fee is recognised as revenue on expiry.
The disposal of an investment property may be achieved by sale or by entering into a finance lease. In determining tThe date of disposal for investment property, an entity applies the criteria in IAS 18 for recognising revenue from the sale of goods and considers the related guidance in the illustrative examples accompanying IAS 18 is the date the recipient obtains control of the investment property in accordance with the requirements for determining when a performance obligation is satisfied in IFRS 15. IAS 17 applies to a disposal effected by entering into a finance lease and to a sale and leaseback.
The amount of consideration receivable on disposal to be included in the gain or loss arising from the derecognition of an investment property is recognised initially at fair value. In particular, if payment for an investment property is deferred, the consideration received is recognised initially at the cash price equivalent. The difference between the nominal amount of the consideration and the cash price equivalent is recognised as interest revenue in accordance with IAS 18 using the effective interest method determined in accordance with the requirements for determining the transaction price in paragraphs 47-72 of IFRS 15. Subsequent changes to the estimated amount of the consideration included in the gain or loss shall be accounted for in accordance with the requirements for changes in the transaction price in IFRS 15.
Recognition and measurement of arrangement
The operator shall recognise and measure revenue in accordance with IASs 11 and 18 IFRS 15 for the services it performs. If the operator performs more than one service (ie construction or upgrade services and operation services) under a single contract or arrangement, consideration received or receivable shall be allocated by reference to the relative fair values of the services delivered, when the amounts are separately identifiable. The nature of the consideration determines its subsequent accounting treatment. The subsequent accounting for consideration received as a financial asset and as an intangible asset is detailed in paragraphs 23-26 below.
Construction or upgrade services
The operator shall account for revenue and costs relating to construction or upgrade services in accordance with IAS 11 IFRS 15.
Consideration given by the grantor to the operator
If the operator provides construction or upgrade services the consideration received or receivable by the operator shall be recognised in accordance with IFRS 15 at its fair value. The consideration may be rights to:
If the operator is paid for the construction services partly by a financial asset and partly by an intangible asset it is necessary to account separately for each component of the operator's consideration. The consideration received or receivable for both components shall be recognised initially in accordance with IFRS 15 at the fair value of the consideration received or receivable.
The nature of the consideration given by the grantor to the operator shall be determined by reference to the contract terms and, when it exists, relevant contract law. The nature of the consideration determines the subsequent accounting as described in paragraphs 23-26. However, both types of consideration are classified as a contract asset during the construction or upgrade period in accordance with IFRS 15.
The operator shall account for revenue and costs relating to operation services in accordance with IAS 18 IFRS 15.
Items provided to the operator by the grantor
In accordance with paragraph 11, infrastructure items to which the operator is given access by the grantor for the purposes of the service arrangement are not recognised as property, plant and equipment of the operator. The grantor may also provide other items to the operator that the operator can keep or deal with as it wishes. If such assets form part of the consideration payable by the grantor for the services, they are not government grants as defined in IAS 20. They are recognised as assets of the operator, measured at fair value on initial recognition. The operator shall recognise a liability in respect of unfulfilled obligations it has assumed in exchange for the assets. Instead, they are accounted for as part of the transaction price as defined in IFRS 15.
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraph 5. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
IFRS 15 Revenue from Contracts with Customers, issued in May 2014, amended the 'References' section and paragraph 6. An entity shall apply that amendment when it applies IFRS 15.
صفحه 1 2 3 4 5