IFRS 15 | Revenue Recognition| Revenue From Contract with Customers | IFRS Lectures
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- เผยแพร่เมื่อ 30 ก.ค. 2024
- In this session, I cover IFRS 15. IFRS 15 is effective for annual reporting periods beginning on or after 1 January 2018, with earlier application permitted. IFRS 15 establishes the principles that an entity applies when reporting information about the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer.
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FRS 15 establishes the principles that an entity applies when reporting information about the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer. Applying IFRS 15, an entity recognises 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.
To recognise revenue under IFRS 15, an entity applies the following five steps:
identify the contract(s) with a customer.
identify the performance obligations in the contract. Performance obligations are promises in a contract to transfer to a customer goods or services that are distinct.
determine the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. If the consideration promised in a contract includes a variable amount, an entity must estimate the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods or services to a customer.
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Very well explained! Thanks Mr. Farhat!
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Excellent!
So great, I always like your presentations.
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Well done sir,looking forward to more lectures
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Nice. Need a detailed lecture for each step for IFRS 15
Very informative and impressive lecture
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Excellent explanation of RR love it Sir
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Thanks for the explanation!
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Thank you so much for such a wonderful video
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Thanks for your efforts Mr Farahat
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How can i get the ifrs examples to clarify the content. Tks for sharing the link
Thanks, U did well. I have better understanding now
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well explained !
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i watched three times and i got it completely.
You are a great teacher
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Thank you very much! I understand IFRS 15 better now that it is condensed in this video... I am a 3rd year student right now about to take my prelims exam hahaha
This was very helpful. I will share this to my classmates as well
Please make sure to do so
awesome!
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SO GREAT ALWAYS
EXCELLENT EXPLANATION
THANK YOU.VERY VERY MUCH
BRASIL
RIO DE JANEIRO CITY
Most welcome from Philadelphia 🇺🇸
Don't regret downloading your lecture❤
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Very good job 👏
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Gosh I wish I could retain all this information in my limited memory.😔
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Thank you, this lesson is very valuable!
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Ind As and IFRS are somewhat same?
Very much helpful
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How will revenue recognition differ if contract., eg project, specify invoicing timeline which are not in line with completion of performance obligations? For example an Annual Maintenance Contract stipulate 100% invoicing upon completion of AMC period, which falls into next financial year.
Since invoicing will be present in future date. Cost recovery method is applicable. But the amount is measurable/reliable so technically, cost to cost or POC is still used. I think you accrue your incurred cost per period until completion.
Best ever
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Nice and easy to understand lecture. Although i have a doubt regarding weighted probability approach in Peabody construction example. 100k is fixed revenue whereas 50k is variable. Then shouldn't the probability be applied on only 50k because 100k is not time bound revenue.
Actually he did apply it, he got the 10% of 50,000. But this is correct in any way (including the 100,000) because the probability pertains to COMPLETION, which in that case includes the fixed payment + bonus applicable. Technically if it is completed, 100,000 is automatically recognized.
And even though you add that 100k or not, the result will be the same because it has the 50,000 amount. Example, 50% Completion, you get the 50% of 50,000=25,000. Since it is COMPLETED, you will still add the fixed amount.
Are the five steps listed explicitly in the handbook?
i dont see it like step 1 step 2 to step 5 listed one by one, but rather you woudl have to seek out each - is that correct? thank you!
management accounting
In example of peabody, for calculation of transaction price, 100000 should be fixed and 50000 should be variable for which we should have used probability. Because in 100% cases, we will get 1 lac.
Please help me with this confusion!
I have one question of invoice issued but revenue not recognised then how do we do accounting for invoice
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where are the journal entries ??
Waste of time with all respect. no journal entries !
Please help me in these two questions
Qst:1
Invoice Issued in Aug-20 50000USD
Service provided in Sep-20 30000USD
How much revenue will be recognised in Aug-20 and Sep-20 and how much will be the working capital in Aug-20 and Sep-20
Second Qst :
Invoice Issued in Aug-20 50000USD
Service provided in Aug-20 30000USD
How much revenue and Working capital would be recognised in Aug-20
Kindly help me in it
Where's journal entires??
Please mr farhat we need lectures about CMA if it possible
It's a half lecture of ifrs 15
I am a good English speaker, who can understand and communicate well ... But here the speed of deliverance is awfully fast, which won't fetch a durable outcome from this lecture. The lecturer is undoubtedly awesome but needs more improvements Regards
Slow me down via TH-cam to .75.
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You might be a good english speaker but you are not much of a listener. The speed of this lecture is absolutely fine.
Are you rocket? 😪😳