As we’ve discussed in many previous articles, the IASB has issued IFRS 15, Revenue from Contracts with Customers, effective for annual reporting periods beginning on or after January 1, 2018. The new standard is built around a five-step framework, the second step being to identify the performance obligations in the contract. A performance obligation is: A promise…

As we’ve discussed in many previous articles, the IASB has issued IFRS 15, Revenue from Contracts with Customers, effective for annual reporting periods beginning on or after January 1, 2018. The new standard is built around a five-step framework, the first step being to identify the contract(s) with the customer. Often of course, this step will be…

The IASB has issued Clarifications to IFRS 15 Revenue from Contracts with Customers. These clarifications, as the accompanying news release sums it up, “do not change the underlying principles of the Standard but clarify how those principles should be applied. They arise as a result of discussions of the Transition Resource Group (TRG). The TRG…

The IASB has issued Clarifications to IFRS 15 Revenue from Contracts with Customers. These clarifications, as the accompanying news release sums it up, “do not change the underlying principles of the Standard but clarify how those principles should be applied. They arise as a result of discussions of the Transition Resource Group (TRG). The TRG…

As we discussed here, the IASB has issued its exposure draft of clarifications to IFRS 15, with comments to be received by October 28, 2015. We’ve looked at the proposed changes in four previous posts. However, the FASB is proposing changes to its corresponding revenue standard in other areas as well. Here they are, along…

To no one’s surprise, the IASB has issued an amendment to the revenue standard, IFRS 15 Revenue from Contracts with Customers, formalizing the deferral of its effective date by one year to 2018. Here’s how the news release summarizes this action: “The publication of the amendment, Effective Date of IFRS 15, follows from the IASB’s…

As we discussed here, the IASB has issued its exposure draft of clarifications to IFRS 15, with comments to be received by October 28, 2015. The standard is built around a five-step framework, including the key step of identifying the performance obligations contained in a contract with a customer: that is, the separate promises contained…

As we discussed here, the IASB has issued its exposure draft of clarifications to IFRS 15, with comments to be received by October 28, 2015. The standard is built around a five-step framework, including the key step of identifying the performance obligations in a contract. You’ll recall the definition of a performance obligation: A promise…

As we discussed here, the IASB has issued its exposure draft of clarifications to IFRS 15, with comments to be received by October 28, 2015. The standard is built around a five-step framework, including the key step of identifying the performance obligations in a contract – that is, all the promises in a contract to…

The IASB has issued its exposure draft of clarifications to IFRS 15, with comments to be received by October 28, 2015. As we discussed here, any entity for which the standard causes a change in its existing accounting practices will have to make a specific choice about how to make the transition from its old…