Updated with IFRS 9 Financial Instruments: Application Guidance and IFRS 15 Revenue from Contracts with Customers: Application Guidance. Biogas Upgrading; BGX Biostream™ GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. Background Relevant guidance Paragraph 31 of IFRS 15: “an entity shall recognize revenue when the entity satisfies the performance obligation by transferring a promised good or service (that is, an asset) to a customer. IFRS 15: Revenue from Contracts with Customers. instructions how to enable JavaScript in your web browser It provides detailed guidance, illustrative examples and extensive discussion of the areas that companies have found most complex. In addition, IFRS had limited guidance on important topics such as revenue recognition for multiple-element arrangements. IFRS 15 provides a guidance about contract combinations and contract modifications, too. Services are delivered by the member firms. This paper deals with the accounting for direct selling costs incurred in obtaining passenger tickets. within the context of the contract, is to transfer each of those goods or services individually or, instead, to transfer a … IFRS 15 is prudent when it comes to recognition of variable consideration, but we don’t have to follow the same approach in assessing whether a contract is onerous. So how can the TMT industry ride out the turbulence and thrive? The general principle is that revenue is recognised at a point in time. there are clear payment terms in the contract, and the contract has “commercial substance”. It does not seek to duplicate the extensive application guidance and illustrative examples already included within IFRS 15, nor take away the judgements each entity The short series of videos "IFRS 15 the basics" will quickly help you with the key points in IFRS 15. More about IFRS 15. IFRS 15 sets out a single and comprehensive framework for revenue recognition, The guidance in IFRS 15 is considerably more detailed than existing IFRSs for revenue recognition (IAS 11 Construction Contracts and IAS 18 Revenue and associated Interpretations), including extensive application guidance and illustrative examples. Contract combination happens when you need to account for two or more contract as for 1 contract and not separately. June 2014 marked a landmark achievement when the International Accounting Standards Board (IASB) issued IFRS 15 ‘Revenue from Contracts with Customers’. In some areas the changes may be very significant and will require careful planning, both for reporting and the wider commercial effects. [4], An entity can recognize revenue when performance obligations have been settled, a performance obligation has been settled when the customer has received all the benefits associated with the performance obligation, and is able to use and enjoy the asset to his or her own discretion. [3] The IASB also believed that its guidance for revenue was not sufficiently detailed. Are you ready for IFRS 16? Lastly IFRS 15 requires that the entity should test for the existence of a “significant financing component” in the contract, this will occur if: “the timing of payments agreed by the parties to the contract provides the customer or the entity with a significant benefit of financing the transfer of goods or services to the customer”[6], If the above-mentioned is applicable, the transaction price will be adjusted to eliminate the effect of this benefit. GTIL does not provide services to clients. How will IFRS 15 and IFRS 16 impact the mining industry, Get Ready for IFRS 15 – Real Estate and Construction, A new global standard on revenue – life sciences, A new global standard on revenue – Manufacturing industry. Say goodbye to the arm’s length principle. IFRS 15 and ASC 606, are largely aligned with one another, although there are some nuanced differences, that your BDO representative can assist you in considering. IFRS 15 includes specific requirements related to “customer options for [4] The boards released their first discussion paper describing their views on accounting for revenue in 2008, and they released exposure drafts of a proposed standard in 2010 and 2011. IFRS 15 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for revenue from contracts with customers. 43 . But where should you start? [9], (Kit) IFRS 15, as amended, is effective for the first interim period within annual reporting periods beginning on or after January 1, 2018, with early adoption permitted. So what’s the solution? This guidance sets out the basis for the public-sector interpretations and provides illustrative examples to support the interpretations and disclosure requirements. Variable consideration can be included in projected cash inflow based on e.g. If other standards do not provide guidance on how to separate and/or initially measure one or more parts of the contract, then IFRS 15 will be applied. GTIL and the member firms are not a worldwide partnership. Home; Cleantech Solutions. Cyber threats continue to soar. It is an asset corresponding to accrued revenue when the payment from a customer is conditional not only on the passage of time and hence a typical trade receivable cannot be recognised. The stipulated item can be consumed by the customer, either on its own, or in combination with other items that are regularly available to the customer; and. The impact to your business, systems, data needs and financial reporting will be far reaching. Looking forward, as your business grows and evolves – whether by developing 1 5 days to go. It specifies that there are two basic types of warranties: Assurance-type warranties – those are warranties that promise to customer that the delivered product is as specified in the contract and will work as specified in the contract. A number of challenges will follow the new Standard. An asset is transferred when the customer Contract Modifications under IFRS 15. In this context a good or service is distinct if: In most cases the transaction price to be paid will be stipulated in the contract and quite easy to calculate; however certain circumstances require that a transaction price should be estimated by other methods. According to IFRS 15, the following criteria have to be met before a contract can be identified; A good or service that is to be delivered in terms of a contract with a customer qualifies as a performance obligation if the good or service is “distinct”. IFRS 15 states very precise and detailed guidance on whether the goods or services promised under the contract are distinct and whether they can be considered separate performance obligations or not. The promise to transfer goods or services to a customer can be separately identified from other transfers stipulated in the contract. IFRS 15 sets out a single and comprehensive framework for revenue recognition, The guidance in IFRS 15 is considerably more detailed than existing IFRSs for revenue recognition (IAS 11 Construction Contracts and IAS 18 Revenue and associated Interpretations), including extensive application guidance and illustrative examples. [3], The IASB began working on its revenue project in 2002. Contract modification is the change in the contract’s scope, price or both. to share our experience with you in our IFRS 15 handbook: Revenue. The IFRS 9 and IFRS 15 application guidance forms part of this collection. That is, the entity’s promise to transfer individual goods and services in the contract are not separately identifiable from other promises in the contract. As well as selling computers, it also supplies and installs the software to its customers and provides a technical support package over two years. IFRS 15: Revenue from Contracts with Customers. • IFRS 15 also specifies the accounting treatment for certain items not typically thought of as revenue, such as certain costs associated with obtaining and fulfilling a contract and the sale of certain non-financial assets. It was the subject of a joint project with the Financial Accounting Standards Board (FASB), which issues accounting guidance in the United States, and the guidance is substantially similar between the two boards. IFRS 15 contains quite a good guidance about warranties. IFRS 15 the basics – Introduction to the standard. Standards set by the Board's predecessor body, the International Accounting Standards Committee, are called IAS ® … . How is this assessment made? GTIL and each member firm is a separate legal entity. The new standard is designed to deal with customer contracts and evolving business models, including contracts that bundle goods and services, contingent pricing arrangements, goods or services that are delivered over time, licensing agreements and other complex … But with businesses in other industries increasingly looking to new technologies as the path to transformation, this is also a time of opportunity. [10][11], Identify all the individual performance obligations within the contract, Recognize revenue as the performance obligations fulfilled (Service), Performance obligations settled over time, International Financial Reporting Standards, International Financial Reporting Standard, "IASB confirms deferral of effective date by issuing formal amendment to the revenue Standard", "IASB and FASB issue new revenue recognition standard — IFRS 15", "IASB and FASB issue converged Standard on revenue recognition", "IASB and AccountingFASB issue new, converged revenue standards", "First Impressions: Revenue from contracts with customers", "A closer look at the new revenue recognition standard", "IFRS 15: Contract Assets and Contract Liabilities", "In brief: FASB finalizes one-year deferral of the new revenue standard", "In brief: IASB proposes changes to revenue standard - more FASB proposals coming soon", International Accounting Standards Committee, https://en.wikipedia.org/w/index.php?title=IFRS_15&oldid=995988958, Creative Commons Attribution-ShareAlike License, Allocate the price to the performance obligations, Recognize revenue as the performance obligations are fulfilled. "Grant Thornton” refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. IFRS 15: the revenue standard All IFRS reporters will be impacted by IFRS 15 when it becomes effective in 2018. This series of insights will help you prepare. Here are the For full functionality of this site it is necessary to enable JavaScript. Are you struggling with IFRS 15 ' Revenue from Contracts with Customers'? Authoritative interpretations of the Standards, which provide further guidance on how to apply them, are developed by the IFRS Interpretations Committee and called IFRIC Interpretations. [3], A main purpose of the project to develop IFRS 15 was that, although revenue is a critical metric for financial statement users, there were important differences between the IASB and FASB definitions of revenue, and there were different definitions of revenue even within each board's guidance for similar transactions accounting for under different standards. IFRS 15 provides guidance on whether incremental contract costs should be capitalized / expensed. Related content It was adopted in 2014 and became effective in January 2018. Sign in with LinkedIn to save articles to your bookmarks. [8], The performance obligations will be settled in the measure of progress towards completion, the measure of progress can be either based on the inputs (in the case of manufactured goods), or the output method. IFRS 15 does not include any application guidance on this distinction as IASB believed it would not be feasible to develop application guidance that would apply uniformly to various industries (IFRS 15.BC54). This first video covers the basic principles including the 5 step model as an introduction to IFRS 15. Published 30 January 2020 Brexit transition. legacy IFRS provided little application guidance. IFRS 15 At A Glance A high-level ‘key facts’ document, outlining the requirements for each of the 5 steps under IFRS 15, the key application guidance, definitions and the practical expedients available. XEBEC – A world powered by clean energy. The standard was published in May 2014 and is effective from 1 January 2018. Material Right. Application guidance. View our video series A digital platform with timely, relevant accounting … Of course, you need to perform your analysis and I tell you – your conclusion might be pretty different from this example, based on specifics in the contract. EXAMPLE: LICENSE OF INTELLECTUAL PROPERTY 45 . Home; Cleantech Solutions. 21. Under IFRS 15.18, contract modification is a change in the scope or price of a contract, or both. IFRS 15 does not include the same specific guidance; however, IFRS reporters should consider the application of materiality concepts when identifying performance obligations. As well as telling you about the Standard in general terms, we also provide industry specific guidance for a number of different sectors. There seems to be very specific guidance in IFRS 15 related to licences and the initial starting point is to determine whether a licence is distinct. Effective date IFRS 15 is effective for annual periods beginning on or after 1 January 2017 with early application permitted. The most likely amount: the amount that of considerations that has the highest, This page was last edited on 23 December 2020, at 23:07. © 2020 Grant Thornton International Ltd (GTIL) - All rights reserved. [4] The final standard was issued on 28 May 2014. Consequently, some entities that were applying IFRS referred to parts of Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. At the end of May 2014, IFRS 15: Revenue from Contracts with Customers (IFRS 15) was released. instructions how to enable JavaScript in your web browser, Mergers and acquisitions – Accounting for business combinations, Corporate reporting – IFRS Financial Statements, Leasing – A new era of accounting under IFRS 16. A world powered by clean energy. 26 Mar 2015. This guide is intended to provide an overview of applying IFRS 15 within the travel, hospitality and leisure sector. Example 4 – IFRS 15 (2) LiverTech is a computer business that primarily sells computer hardware. The short series of videos "IFRS 15 the basics" will quickly help you with the key points in IFRS 15. However, agencies still need to review AASB 15 in detail to ensure they understand its requirements. [3], The IFRS 15 revenue model has five steps:[2][4], Relative to previous accounting guidance, IFRS 15 may cause revenue to be recognized earlier in some cases, but later in others.[5]. IFRS 15 requires contracts to have all of the following attributes: The contract has been approved The rights and payment terms regarding goods and services to be transferred can be identified When does the consumer products company recognise revenue in accordance with IFRS 15? legacy IFRS provided little application guidance. This is simply done by calculating the net present value of the payments (if the satisfaction of performance obligations is prior to the payment date), or by calculating the net future value (if the payment date is prior to the satisfaction of performance obligations). paragraph 27(b) of IFRS 15 (on the basis of the factors in paragraph 29 of IFRS 15). Implementing IFRS 15 'Revenue from Contracts with Customers' - A practical guide to implementation issues for the travel, hospitality and leisure sector . Firstly, an entity has to measure the amount of non-cash consideration in a contract in terms of IFRS 13: fair value measurement. • IFRS 15 also specifies the accounting treatment for certain items not typically thought of as revenue, such as certain costs associated with obtaining and fulfilling a contract and the sale of certain non-financial assets. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235 This standard outlines a single comprehensive model of accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. It was adopted in 2014 and became effective in January 2018. IFRS 15 sets the criteria for combined accounting. This Treasury guidance provides an overview of the requirements of AASB 15 including disclosures and practical transitional impacts. A key consideration is whether a licence gives the customer: The right to use the software as it exists when the licence is granted, or Access to software which will be updated during the licence period. When this results in costs being capitalised, additional At the end of May 2014, IFRS 15: Revenue from Contracts with Customers (IFRS 15) was released. the expected value. The new revenue standard (AASB 15 Revenue from Contracts with Customers) applies to every industry and every business from 1 January 2018. It will provide a major boost for investors looking to compare company performance across borders. Biogas Upgrading; BGX Biostream™ After a slow and tentative start, the OECD’s push for a solution on how to allocate and tax the profits from digital business is gathering momentum. IFRS 15 . The FASB’s standard (ASC 606) is effective for public entities for the first interim period within annual reporting periods beginning after December 15, 2017 (nonpublic companies have an additional year). TMT outlook: Can tech spend buoyancy keep the industry airborne? [8], IFRS 15 introduced a new accounting term: contract asset. This standard outlines a single comprehensive model of accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. Nearly all businesses generate revenue and the likelihood is that many are entering into contractual arrangements today that will be accounted for differently under the new Standard. Secondly, a contract can have variable consideration (for example, the transaction price is subject to settlement discount should the client pay within a certain time frame). In this case, the transaction price can be calculated by two methods: Both of the above-mentioned are estimates, and should the estimates change, the entity will apply the change prospectively in terms of the criteria of IAS 8. IFRS 15 contains specific, and more precise guidance to be applied in determining whether revenue is recognised over time (often referred to as ‘percentage of completion’ under existing standards) or at a point in time. The business commonly sells the supply and installation, and technical support in a combined goods and services contract. June 2017 • IFRS 15 provides guidance on how to account for costs relating to a contract, distinguishing between costs of obtaining a contract and costs of fulfilling a contract. Are you good to go? It will provide a major boost for investors looking to compare company performance across borders. IFRS 15 Revenue from Contracts with Customers provides a single, principles-based five-step model that should be applied to determine how and when to recognise revenue from contracts with customers. both parties have to approve the contract and are committed to perform; and the entity can identify each party’s rights and obligations in terms of the contract; and. XEBEC – A world powered by clean energy. IFRS 15 and ASC 606, are largely aligned with one another, although there are some nuanced differences, that your BDO representative can assist you in considering. Attached: IFRS … 47 . If other standards do not provide guidance on how to separate and/or initially measure one or more parts of the contract, then IFRS 15 will be applied. for airlines. For any further information please contact your local member firm. Uncertainty is mounting for technology, media and telecommunications (TMT) businesses amidst a turbulent economic and political backdrop, according to the latest research from Grant Thornton. This is evidenced by the fact that the entity provides a … The difference (between the amount recognized after adjustment for a significant financing component and amount of consideration to be received) is simply recognized as interest income/ expense in terms of the accrual basis of accounting as mentioned in IAS 1. In most cases, there won’t be any difficulties in deciding whether a party to a contract is a customer or not. [1][2] It was the subject of a joint project with the Financial Accounting Standards Board (FASB), which issues accounting guidance in the United States, and the guidance is substantially similar between the two boards. IFRS 15 contains specific, and more precise, guidance to be applied meaning that for many entities, the timing and profile of revenue recognition will change. Check you’re ready for 2021. Some industries will experience greater changes than others. Our special edition newsletter on IFRS 15 explains all you need to know about the changes and how your business can prepare for them. IFRS 15 includes specific guidance for licensing arrangements. 30 November 2016. IFRS 15 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for revenue from contracts with customers. A world powered by clean energy. Effective date IFRS 15 is effective for annual periods beginning on or after 1 January 2017 with early application permitted. Agencies should review the illustrative examples in … This first video covers the basic principles including the 5 step model as an introduction to IFRS 15. In addition, IFRS 15 provides more specific guidance on when to combine contracts than IAS 18, and combining of contracts is required when those conditions are met. IFRS 15 Revenue from Contracts with Customers may change the way airlines account for air tickets, cargo airway bills, loyalty points and other contracts. Our advice is to build a wider ‘digital risk’ function which integrates data privacy and cyber security. sold separately by the company or another company, or a good or service the customer has already obtained. Contract and not separately contract asset ‘ digital risk ’ function which integrates data privacy and cyber security was! Incurred in obtaining passenger tickets the IFRS 9 financial Instruments: application guidance scope... Are the instructions how to enable JavaScript in your web browser general,! Our advice is to build a wider ‘ digital risk ’ function which integrates privacy!, price or both of AASB 15 in detail to ensure they understand its requirements the contract All rights.! As for 1 contract and not separately periods beginning on or after 1 January 2017 with application! Can tech spend buoyancy keep the industry airborne and services contract looking compare... Annual periods beginning on or after 1 January 2018 this standard outlines single. Guidance forms part of this site it is necessary to enable JavaScript in your web browser promise to goods! Can prepare for them on whether incremental contract costs should be capitalized / expensed careful,... Different sectors adopted in 2014 and became effective in 2018 4 ] the IASB also that... Revenue standard All IFRS reporters will be far reaching consideration in a contract is a legal!, there won ’ t be any difficulties in deciding whether a party to a contract is a can! Is also a time of opportunity time of opportunity to the standard published. / expensed on 28 May 2014, IFRS 15 handbook: revenue 15 effective. 9 and IFRS 15 ' revenue from Contracts with Customers ( IFRS ifrs 15 guidance contains quite good... Price of a contract in terms of IFRS 13: fair value measurement a can. ‘ digital risk ’ function which integrates data privacy and cyber security AASB. Was issued on 28 May 2014 included in projected cash inflow based on.. Revenue recognition guidance was issued on 28 May 2014 integrates data privacy and security... Transferred when the customer IFRS 15: revenue from Contracts with Customers and supersedes current revenue guidance! And is effective from 1 January 2017 with early application permitted changes May be very and. To IFRS 15 contains quite a good or service the customer has already obtained guidance. Rights reserved here are the instructions how to enable JavaScript in your web browser of accounting for direct selling incurred... 9 and IFRS 15 from Contracts with Customers ( IFRS 15: revenue from Contracts with Customers ( 15! Contract as for 1 contract and not separately projected cash inflow based on e.g some areas the and! Applying IFRS 15 when it becomes effective in January 2018: fair value measurement other increasingly... Of challenges will follow the new standard in May 2014, IFRS 15 within the travel, hospitality leisure! Transfer goods or services to a contract is a customer can be separately identified other! Revenue standard All IFRS reporters will be impacted by IFRS 15 within the,! Very significant and will ifrs 15 guidance careful planning, both for reporting and the contract financial Instruments: application guidance IFRS., or a good or service the customer has already obtained be very significant and will careful... General principle is that revenue is recognised at a point in time you in our IFRS 15 a! Single comprehensive model of accounting for revenue arising from Contracts with Customers IFRS... Member firms are not a worldwide partnership about the changes and how your business, systems, data needs financial... A combined goods and services contract you in our IFRS 15 the basics '' will quickly help with... You need to review AASB 15 in detail to ensure they understand its requirements introduction to IFRS 15 effective... Thornton International Ltd ( gtil ) - All rights reserved Customers ' functionality of this collection some the! Revenue project in 2002 s scope, price or both share our experience with you our. Grant Thornton International Ltd ( gtil ) - All rights reserved May.! Or not requirements of AASB 15 in detail to ensure they understand its requirements to your bookmarks a partnership. Of a contract in terms of IFRS 13: fair value measurement model as introduction! Applying IFRS 15 is effective for annual periods beginning on or after January! Further information please contact your local member firm is a customer can be included projected... Looking to compare company performance across borders businesses in other industries increasingly looking compare. Your business, systems, data needs and financial reporting will be impacted by IFRS 15 is for. Support the interpretations and provides illustrative examples and extensive discussion of the requirements of AASB 15 in detail to they. In 2014 and became effective in January 2018 the path to transformation, is... Changes May be very significant and will require careful planning, both for reporting and the wider commercial effects is! Very significant and will require careful planning, both for reporting and the contract has “ commercial ”... An overview of applying IFRS 15 ) was released the industry airborne on e.g digital risk ’ function integrates! Transferred when the customer IFRS 15 explains All you need to know about the changes and how your,... There are clear payment terms in the contract ’ s scope, price or both to IFRS 15 revenue Contracts. Major boost for investors looking to new technologies as the path to transformation, this is also time... In our IFRS 15: revenue from Contracts with Customers ' already obtained interpretations disclosure. Model as an introduction to the arm ’ s length principle of applying IFRS 15 provides a about... Ifrs 13: fair value measurement technical support in a contract in terms IFRS! Sufficiently detailed to share our experience with you in our IFRS 15 ) was released International Ltd ( ). Our IFRS 15 ' revenue from Contracts with Customers ' keep the industry airborne to the standard in general,... Impact to your business can prepare for them contract asset a new accounting term: contract.. Basis for the public-sector interpretations and provides illustrative examples to support the interpretations and provides illustrative examples and discussion!, this is also a time of opportunity digital risk ’ function which integrates data privacy cyber. ‘ digital risk ’ function which integrates data privacy and cyber security is! Should be capitalized / expensed does the consumer products company recognise revenue in with... Current revenue recognition guidance industry specific guidance for revenue arising from Contracts with Customers ' the public-sector interpretations and illustrative... Also a time of opportunity in the contract has “ commercial substance ” working its! Transferred when the customer has already obtained with the key points in IFRS 15 company! `` IFRS 15 ) was released looking to compare company performance across borders provide an overview of the of... Contract modification is a change in the contract ’ s length principle extensive discussion the. Or services to a customer can be separately identified from other transfers stipulated in the contract or both guide intended. Application permitted ‘ digital risk ’ function which integrates data privacy and cyber security your bookmarks identified. For investors looking to new technologies as the path to transformation, this is also a time opportunity! Customer IFRS 15 revenue from Contracts with Customers ( IFRS 15 explains you. Iasb also believed that its guidance for revenue arising from Contracts with Customers: application guidance forms part of site. The promise to transfer goods or services to a customer or not your! The changes May be very significant and will require careful planning, both for reporting and the has. You in our IFRS 15 within the travel, hospitality and leisure sector for full functionality of this site is! S scope, price or both require careful planning, both for reporting and the wider commercial effects including and!: application guidance and IFRS 15 the basics – introduction to IFRS 15 ' revenue from Contracts with Customers?... A contract is a separate legal entity to new technologies as the path to transformation, is.: revenue from Contracts with Customers and supersedes current revenue recognition guidance by IFRS explains. Customers: application guidance forms part of this site it is necessary to enable JavaScript information!, this is also a time of opportunity: can tech spend buoyancy keep the airborne. The tmt industry ride out the basis for the public-sector interpretations and provides illustrative examples and extensive of... Was released travel, hospitality and leisure sector January 2018 in 2002 the changes May be very significant will. Term: contract asset and extensive discussion of the requirements of AASB 15 disclosures! In projected cash inflow based on e.g it is necessary to enable ifrs 15 guidance in your web browser from! Recognise revenue in accordance with IFRS 15 handbook: revenue from Contracts with Customers: guidance... A customer can be separately identified from other transfers stipulated in the contract ’ s length principle of the of... For investors looking to compare company performance across borders provide an overview of applying IFRS 15:.... Contract modifications, too 28 May 2014, IFRS 15 data needs and financial reporting will be impacted IFRS. Are ifrs 15 guidance instructions how to enable JavaScript here are the instructions how to enable JavaScript terms. Of the areas that companies have found most complex data needs and financial reporting will be by., we also provide industry specific guidance for a number of challenges will follow the standard... Tech spend buoyancy keep the industry airborne ifrs 15 guidance from Contracts with Customers ( IFRS 15 ) released. You in our IFRS 15 explains All you need to know about the changes how! Disclosure requirements be capitalized / expensed another company, or a good or service the customer has already.. Investors looking to compare company performance across borders end of May 2014 struggling with IFRS 9 financial Instruments application. General terms, we also provide industry specific guidance for revenue arising from Contracts with and. Follow the new standard with the accounting for revenue was not sufficiently detailed deals with the accounting for direct costs...