Transcription of Revenue – IFRS 15 handbook - KPMG
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Revenue – IFRS 15 handbook - KPMG
RevenueIFRS 15 handbook June new challenges 1 Overview21 Step 1 Identify the contract with a customer Criteria to determine whether a contract Contract term Consideration received before a contract Combination of contracts 192 Step 2 Identify the performance obligations in the contract Distinct goods or services Implied promises and administrative tasks Series of distinct goods or services 393 Step 3 Determine the transaction price Variable consideration (and the constraint) Significant financing component Non-cash consideration Consideration payable to a customer Sales taxes 884 Step 4 Allocate the transaction price to the performance obligations in the contract Determine stand-alone selling prices Allocate the transaction price Changes in the transaction price 1115 Step 5 Recognise Revenue when or as the entity satisfies a performance obligation Transfer of control Performanc
9.2 Determining whether a licence is distinct 209 9.3 Determining the nature of a distinct licence 214 9.4 Timing and pattern of revenue recognition 220 9.5 Contractual restrictions and attributes of licences223 9.6 Sales- or usage-based royalties 225 10 Other application issues 234 10.1 Sale with a right of return 234 10.2 Warranties 239
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