IFRS 15 Revenue from Contracts with Customers summary - applies in 2024
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- เผยแพร่เมื่อ 25 ก.ค. 2024
- www.cpdbox.com
This video is a short summary of IFRS 15. If you need to learn more, please visit our website for great discussion with many practical advices on this standard.
The contents:
00:00 Introduction
00:32 Guidance on revenue recognition
02:05 Scope of IFRS 15
03:06 5-step model for revenue recognition: Short overview
04:32 Step 1: Identify the contract with the customer
06:23 Step 2: Identify the performance obligations
08:21 Step 3: Determine the transaction price
10:33 Step 4: Allocate the transaction price to the performance obligations
14:33 Step 5: Recognize revenue when/as the entity satisfies PO
16:02 Contract costs
This is just the short executive summary of IFRS 15 and does NOT replace the full standard - you can see the full text on IFRS Foundation's website.
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Thanks! Great video. Very helpful in understanding most of the basic concepts.👍🏾
Thanks it's very helpful for brief understanding of IFRS 15 .Good job
I hope you will continue this job for other standards.
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Always LOVE the examples provided. many thanks.
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THE BEST VIDEO TO UNDERSTAND IFRS 15
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The journal entry for the sales promo should look like this:
Dr Account receivables/Bank 100
Cr Revenue 83
Cr Contract Liability 17
Once the pair of sock is delivered:
Dr Contract Liability 17
Cr Revenue 17
Correct, with one small detail: that was a cash sale, so Debit Cash :) Otherwise, well done!
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If a cafe offers 10% cash back to customer to be redeem in next visit, is this cash back similar to the treatment of gift card or loyalty program?
In step 3: Determine the transaction price we need to examine the existence of a significant financing component. (Adjustment for TVM) are we to do this to account for revenue at a value that reflects on the date the performance obligation is satisfied ? If the payment is in arrears meaning we are going to deliver the contract on a future date, we would identify a finance cost that would increase the contract liability by that amount till the performance obligation is satisfied at which time revenue will be identified and this revenue figure include the interest component. But the treatment is different if it was an advance payment. TY
Thank you very much.
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Practically how companies record all different scenarios in accounting entries as per IFRS 15. As this requires too much input and workload. I don't see any software that can post entries as per IFRS unless someone expert with IFRS can do. But that someone needs to pass a lot of accounting entries and follow up schedule entries.
Character In the video It's great, I like it a lot $$
Thanks :)
Is IFRS 15 applicable to loans?
Amazing
Great job Silvia FCCA.
❤️❤️
Hi ..please upload any class /material for IFRS 15 material right
Hi, ,I think there are some free lectures on my channel, and you can also see my website for the list of all material related to IFRS 15 here: www.cpdbox.com/ifrs/ifrs-15/
Do you give classes for dip IFRS
Hii if possible in need this PPT please send
Hi Silvia,
What is the charge to get these notes??
These are free.
@@CPDbox how do I get it??
I need these notes only.
Oh, sorry, I misunderstood. Well, we do not publish handouts or notes from these videos, sorry.
the shoes should be 80 and socks 20 or
shoes should be 99 and socks 01 as free items are billed in unit currency
if the same item is given free as buy 1 get one free then this rule should be used
I am really sorry but step 4 on socks does not make sence because you can still record 100 cu and once you have the socks, you can give it to the customer.
This is exactly what you cannot do as it would be straight against the new rules of IFRS 15.
Hi silvia, in practice, in retail store, when there is an offer, buy one, get another item for free, the selling price for the first item will be 100 cu and the selling price for the second item will be zero! The amount collected from the customer will be 100 cu.
If defined price of the of the first item is 83 cu and the defined price of the second item is 17 cu, then in case the second item is no longer available, then you can not continue selling to customers and you need to stop the offer.
I beleive that the person who created this rule never worked in practice in finance.
@@fadibarake4630 Fadi, you are confusing the retail price with the revenue recognized. Yes, of course, the retail price will be always 100 for the shoes and 0 for the socks, but under IFRS 15, the retailer will recognize the revenue of 100 in split of 83 for the shoes and for the socks. That's the whole point of IFRS 15.