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On May 28 2014, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) jointly issued a converged Standard on the recognition of revenue from contracts with customers.
International Financial Reporting Standard (IFRS) 15
Revenue from Contracts with Customers specifies how and when entities reporting under IFRS will recognise revenue, as well as requiring more detailed and relevant disclosures. The Standard provides a single, principles based five-step model and applies to all contracts with customers, with certain exceptions. This five-step model entails:
IFRS 15 replaces the following standards and interpretations and is effective for annual reporting periods beginning on or after January 1, 2017, with early application permitted:
For more information on the financial reporting library, contact a local
MNP Assurance Professional, or
Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of May 28, 2014. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2014. All rights reserved.
Related Topics:APSG IFRS
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