Analysis of financial Statement IFRS 15 and IAS 18
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The document provides an overview and comparison of IFRS 15 and IAS 18. IFRS 15 introduces a five-step model for revenue recognition that focuses on control, and specifies how and when an entity recognizes revenue. IAS 18 provides requirements for recognizing revenue from sales, services, interest, royalties and dividends, and focuses on risks and rewards. The document outlines the timeline for IFRS 15 and its impact, and provides a live example from manufacturing and service sectors to illustrate revenue recognition.
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Ifrs 15 and ias 18
The document provides an overview and comparison of IFRS 15 and IAS 18. IFRS 15 introduces a five-step model for revenue recognition that focuses on control, and specifies how and when an entity recognizes revenue. IAS 18 provides requirements for recognizing revenue from sales, services, interest, royalties and dividends, and focuses on risks and rewards. The document outlines the timeline for IFRS 15 and its impact, and provides a live example from manufacturing and service sectors to illustrate revenue recognition.
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USTOMERS
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Analysis of financial Statement IFRS 15 and IAS 18
- 2. LAYOUT • IFRS STANDARD • SUPERSEDED STANDARDS • COMPARISION OF IFRS 15 & IAS 18 • TIMELINE OF IFRS STANDARD • IMPACT OF IFRS STANDARD • LIVE EXAMPLE FROM MANUFACTURING AND SERVICE SECTOR
- 3. • SPECIFIES HOW AND WHEN AN IFRS REPORTER WILL RECOGNIZE REVENUE AS WELL AS REQUIRING SUCH ENTITIES TO PROVIDE USERS OF FINANCIAL STATEMENTS WITH MORE INFORMATIVE, RELEVANT DISCLOSURES.
- 4. IFRIC 15 Agreements for the Construction of Real Estate IFRIC 18 Transfers of Assets from Customers IFRIC 13 Customer Loyalty Programmes SIC-31 Revenue - Barter Transactions Involving Advertising Services IAS 18 Revenue IAS 11 Construction contracts
- 6. IFRS 15 VS IAS 18 IFRS 15 :SPECIFIES HOW AND WHEN AN IFRS REPORTER WILL RECOGNIZE REVENUE AS WELL AS REQUIRING SUCH ENTITIES TO PROVIDE USERS OF FINANCIAL STATEMENTS WITH MORE INFORMATIVE, RELEVANT DISCLOSURES. THE STANDARD PROVIDES A SINGLE, PRINCIPLES BASED FIVE-STEP MODEL TO BE APPLIED TO ALL CONTRACTS WITH CUSTOMERS. IAS 18: REVENUE OUTLINES THE ACCOUNTING REQUIREMENTS FOR WHEN TO RECOGNIZE REVENUE FROM THE SALE OF GOODS, RENDERING OF SERVICES, AND FOR INTEREST, ROYALTIES AND DIVIDENDS
- 7. COMPARISION IFRS 15: FOCUS ON CONTROL SPECIFIES HOW AND WHEN AN IFRS REPORTER WILL RECOGNIZE REVENUE AS WELL AS REQUIRING SUCH ENTITIES TO PROVIDE USERS OF FINANCIAL STATEMENTS WITH MORE INFORMATIVE, RELEVANT DISCLOSURES IAS 18 FOCUS ON RISK & REWARDS APPLIES TO ACCOUNTING FOR REVENUE ARISING FROM THE FOLLOWING TRANSACTIONS AND EVENTS: • THE SALE OF GOODS • THE RENDERING OF SERVICES • THE USE BY OTHERS OF ENTITY ASSETS YIELDING INTEREST, ROYALTIES AND DIVIDEND
- 9. IDENTIFY CONTRACT WITH CUSTOMERS IDENTIFY SEPARATE PERFORMANCE OBLIGATIONS IN CONTRACT DETERMINE TRANSACTION PRICE ALLOCATE TRANSACTION PRICE TO SEPARATE PO,S RECOGNIZE REVENUES WHEN ENTITY SATISFIES WITH POS
- 10. 28 May 2014(Issuance) 22 July 2015(Effective Date) 30 July 2015(IASB proposals) 28 Oct 2015(Comment deadline) 1 January 18(Revised effective Date)