IFRS 15 in action – part 5: some retail issues

Let’s take a look at some other recent examples of changes resulting from the implementation of IFRS 15. This is from Reitmans (Canada) Limited: As we’ve discussed before, for purposes of the first issue, the stand-alone selling price is the price at which an entity would sell a promised good or service separately to a…

IFRS 15 in action – part 4!

Let’s take a look at some other recent examples of changes resulting from the implementation of IFRS 15. This is from Teck Resources Limited: This is a good illustration of one of the standard’s basic conceptual building blocks: let’s briefly summarize. An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring…

IFRS 15 in action – part 3

Let’s take a look at some other recent examples of changes resulting from the implementation of IFRS 15. This is from UGE International Ltd.: I mentioned before that although the standard is called “Revenue from Contracts with Customers,” we may – who knows – identify some cases over time where the bottom-line impact flows as…

IFRS 15 in action – part 2!

Let’s look at another recent disclosure about the impact of IFRS 15. Here’s an extract from what SNC-Lavalin Group Inc. had to say: Let’s pick out a few of the items there: Variable consideration We’ve noted before that an entity doesn’t include any amount of variable consideration in the transaction price unless “it is highly…

IFRS 15 in action – some material impacts to come

These blog entries don’t usually lift such a big block of text from somewhere else, but in the circumstances it seems like the best way to go… This is from the December 31, 2017 annual financial statements of Bombardier Inc. It might be concluded from all this that if Bombardier didn’t exist, students of IFRS…

Interim disclosures of new standards – make me disclose it twice, shame on you…?

Here ‘s another issue recently discussed by CPA Canada’s IFRS Discussion Group A reporting issuer prepares Q2-2018 and Q3-2018 interim financial statements for the six months and nine months ending June 30 and September 30, 2018, respectively. The reporting issuer adopts IFRS 9 and IFRS 15 on January 1, 2018, and is considering the extent…