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…

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…

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…

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…

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…

As we’ve discussed many times in the past, the IASB has issued IFRS 15, Revenue from Contracts with Customers, effective for annual reporting periods beginning on or after January 1, 2018. Canada’s IFRS Discussion Group recently considered the following issue relating to the application of IFRS 15: Entity A develops, manufactures and distributes innovative products. Product X…

As we’ve discussed in many previous articles, IFRS 15 Revenue from Contracts with Customers becomes effective on January 1, 2018. By now, companies for whom the new standard will have a material effect should surely have clearly disclosed that fact, and in many cases should have provided some quantified information about the anticipated effect as…

The IFRS Discussion Group recently considered the relevance to Canadian preparers of the Transition Resource Group (TRG) for Revenue Recognition… The TRG was initially established as a joint initiative between the IASB and the Financial Accounting Standards Board (FASB). The relevance question arises in particular because the IASB announced in early 2016 that it doesn’t plan…