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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.
Sondaggi sul polso dei dipendenti:
Si tratta di brevi sondaggi che possono essere inviati frequentemente per verificare rapidamente cosa pensano i vostri dipendenti di un argomento. Il sondaggio comprende un numero ridotto di domande (non più di 10) per ottenere rapidamente le informazioni. Possono essere somministrati a intervalli regolari (mensili/settimanali/trimestrali).
Incontri individuali:
Organizzare riunioni periodiche di un'ora per una chiacchierata informale con ogni membro del team è un modo eccellente per farsi un'idea reale di ciò che sta accadendo. Poiché si tratta di una conversazione sicura e privata, aiuta a ottenere maggiori dettagli su un problema.
eNPS:
L'eNPS (employee Net Promoter score) è uno dei metodi più semplici ma efficaci per valutare l'opinione dei dipendenti sulla vostra azienda. Include una domanda intrigante che misura la fedeltà. Un esempio di domande eNPS è il seguente: Quanto è probabile che raccomandi la nostra azienda ad altri? I dipendenti rispondono al sondaggio eNPS su una scala da 1 a 10, dove 10 indica che è "altamente probabile" che raccomandino l'azienda e 1 indica che è "altamente improbabile" che la raccomandino.
In base alle risposte, i dipendenti possono essere classificati in tre diverse categorie:
- Promotori
Dipendenti che hanno risposto positivamente o sono d'accordo. - Detrattori
Dipendenti che hanno reagito negativamente o in disaccordo. - Passivi
I dipendenti che sono rimasti neutrali nelle loro risposte.
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.
