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IFRS 15
IFRS 15, or International Financial Reporting Standard 15, represents a significant milestone in the field of revenue recognition accounting standards established by the International Accounting Standards Board (IASB).
Effective since January 1, 2018, IFRS 15 provides a comprehensive and principles-based framework for recognizing revenue from customer contracts across various industries and jurisdictions.
What is IFRS 15?
IFRS 15, or International Financial Reporting Standard 15, is a global accounting standard issued by the International Accounting Standards Board (IASB) that provides a comprehensive framework for recognizing revenue from customer contracts.
IFRS 15 introduces a principles-based approach to revenue recognition, focusing on the transfer of control of goods or services to customers as the core principle for recognizing revenue.
What is performance obligation under IFRS 15?
A performance obligation under IFRS 15 is a promise in a contract with a customer to transfer a distinct good or service (or a series of distinct goods or services) to the customer.
A performance obligation is considered distinct if the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer, and if the promise to transfer the good or service is separately identifiable from other promises in the contract.
Identifying performance obligations is a crucial step in applying IFRS 15, as revenue is recognized when (or as) each performance obligation is satisfied by transferring control of the promised goods or services to the customer.
What is variable consideration in IFRS 15?
Variable consideration refers to the portion of the transaction price that can vary due to discounts, rebates, performance bonuses, or penalties.
Under IFRS 15, companies estimate this amount using either the expected value or the most likely amount and include it only if it’s highly probable that a significant revenue reversal won’t occur.
What is ASC 606 and IFRS 15?
ASC 606 (the US GAAP equivalent) and IFRS 15 are aligned standards developed jointly by the FASB and IASB. Both provide a comprehensive framework for revenue recognition, aiming to improve comparability and clarity in financial reporting.
While nearly identical in principle, differences in application and disclosures may arise between IFRS 15 vs ASC 606.
Is ASC 606 the same as IFRS 15?
ASC 606, or Accounting Standards Codification Topic 606, and IFRS 15, or International Financial Reporting Standard 15, share similarities as they both address revenue recognition. However, they are not identical.
ASC 606 was issued by the Financial Accounting Standards Board (FASB) in the United States, while IFRS 15 was issued by the International Accounting Standards Board (IASB).
Does IFRS 15 replace IAS 18?
Yes, IFRS 15 replaces IAS 18, Revenue, and several other related interpretations, including IFRIC 13, Customer Loyalty Programs, and IFRIC 15, Agreements for the Construction of Real Estate.
IFRS 15 represents a significant overhaul of the previous revenue recognition guidance provided by IAS 18 and other related interpretations.
The introduction of IFRS 15 aligns with the IASB's objective of improving financial reporting by providing a more principles-based and comprehensive framework for revenue recognition that addresses the complexities and challenges arising from evolving business practices and revenue generation models.
Umfragen zum Puls der Mitarbeiter:
Es handelt sich um kurze Umfragen, die häufig verschickt werden können, um schnell zu erfahren, was Ihre Mitarbeiter über ein Thema denken. Die Umfrage umfasst weniger Fragen (nicht mehr als 10), um die Informationen schnell zu erhalten. Sie können in regelmäßigen Abständen durchgeführt werden (monatlich/wöchentlich/vierteljährlich).
Treffen unter vier Augen:
Regelmäßige, einstündige Treffen für ein informelles Gespräch mit jedem Teammitglied sind eine hervorragende Möglichkeit, ein echtes Gefühl dafür zu bekommen, was mit ihnen passiert. Da es sich um ein sicheres und privates Gespräch handelt, können Sie so mehr Details über ein Problem erfahren.
eNPS:
Der eNPS (Employee Net Promoter Score) ist eine der einfachsten, aber effektivsten Methoden, um die Meinung Ihrer Mitarbeiter über Ihr Unternehmen zu ermitteln. Er enthält eine interessante Frage, die die Loyalität misst. Ein Beispiel für eNPS-Fragen sind: Wie wahrscheinlich ist es, dass Sie unser Unternehmen weiter empfehlen? Die Mitarbeiter beantworten die eNPS-Umfrage auf einer Skala von 1 bis 10, wobei 10 bedeutet, dass sie das Unternehmen mit hoher Wahrscheinlichkeit weiterempfehlen würden, und 1 bedeutet, dass sie es mit hoher Wahrscheinlichkeit nicht weiterempfehlen würden.
Anhand der Antworten können die Arbeitnehmer in drei verschiedene Kategorien eingeteilt werden:
- Projektträger
Mitarbeiter, die positiv geantwortet oder zugestimmt haben. - Kritiker
Mitarbeiter, die sich negativ geäußert haben oder nicht einverstanden waren. - Passive
Mitarbeiter, die sich bei ihren Antworten neutral verhalten haben.
Does IFRS 15 differ from ASC 605?
Yes, IFRS 15 differs significantly from ASC 605, which was the former US GAAP standard for revenue recognition. ASC 605 had industry-specific rules, whereas IFRS 15 and ASC 606 offer a unified, principles-based approach that enhances comparability and consistency across sectors and jurisdictions.
Who does IFRS 15 apply to?
IFRS 15 applies to all entities that enter into contracts with customers to transfer goods or services. It spans various industries including technology, construction, and services, and is mandatory for companies reporting under IFRS.
Why was IFRS 15 introduced?
IFRS 15 was introduced to create a single, consistent model for revenue recognition across different industries and regions. It replaces outdated and fragmented guidance, improving financial comparability and reducing complexity in IFRS 15 revenue recognition practices.
How is revenue recognized under IFRS 15?
Revenue is recognized under IFRS 15 by applying a five-step model:
- Identify the contract with a customer
- Identify the performance obligations
- Determine the transaction price
- Allocate the transaction price to performance obligations
- Recognize revenue when (or as) performance obligations are satisfied
This model ensures consistent and transparent revenue recognition across industries.
