IFRS 15 Quick overview Revenue from contracts with customers

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IFRS 15 Quick overview Revenue from contracts with customers – the easy way to obtain an solid overview.

What is the objective of IFRS 15?

To establish principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer.

How does IFRS 15 meet this objective?

The core principle of IFRS 15 is that an entity should recognise revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Practical expedient

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How to best account for COVID-19 under IAS 10

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How to best account for COVID-19 under IAS 10 Events after the reporting period? The question is whether the COVID-19 crises is an adjusting event of a non-adjusting event for the Financial Statements for the period ended 31 December 2019 that have not been authorised for final distribution to stakeholders or for filing at a chamber of commerce or similar institute.

If it is a non-adjusting event what disclosures does it still require in the financial statements or management report accompanying these financial statements?

In terms of accounting implications, the current consensus is that an entity shall not adjust the amounts recognized in its financial statements (IAS 10 10 Non-adjusting events) as at 31 December … Read more

Recurring and Non-recurring fair value measurement

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Recurring and Non-recurring fair value measurement

Recurring fair value measurements relate to those where measurement is required at the end of each reporting period-end in comparison to non-recurring fair value measurements which are driven by a particular event or transaction. Recurring and Non-recurring fair value measurement

Recurring fair value measurements would include a policy choice under IAS 40 or IAS 16 to record property at fair value or available for sale or fair value through profit or loss financial instruments classification. R ecurring and Non-recurring fair value measurement

Non-recurring fair value measurements arise due to a period specific event such as a held for sale classification under IFRS 5 or financial or non-financial instrument impairments where the … Read more