Suppose Peter has entered into a 12 months internet service fee with one local internet service provider ABC Co. 033: How to account for settlement discounts under IFRS 15? At 31 December 2019, six tractors had been delivered, with the seventh nearing completion and the eighth on schedule for delivery 31 May 2020. Principal – the party that controls the goods or services before they are transferred to customers, 2. Note that the hurdle is 'highly probable' not 'certain' – it may have been reasonable, at 31 December 2019, to not anticipate a pandemic. Learn here! (June 2014 | IFRS Foundation) Revenue Recognition Project Page (IASB) Debrief: IASB Vice-Chairman Ian Mackintosh discussing Clarifications to IFRS 15 (IASB) Transition Resource Group for Revenue Recognition (IASB) Highlights. Thus, ABC Co shall need to recognize revenue as follow: Since, the global economy as a whole, business models and business practices are changing so dynamically that accounting treatments and reporting structures also become more and more complex over time. GTIL and each member firm is a separate legal entity. We can support you as you navigate through accounting for the impacts of COVID-19 on your business. However, in IFRS 15, ABC Co shall need to recognize revenues separately. Revenue is recognised when/as performance obligations are satisfied in the amount of transaction price allocated to satisfied performance obligations (IFRS 15.46). Moreover, the standard provides criteria set for assessing whether performance obligation constitutes a single distinct product or service, series of distinct products or services in the same pattern and whether the product or service is distinct or not which has to be assessed. July 20, 2020. The main aim of IFRS 15 is to recognize revenue in a way that shows the transfer of goods/services promised to customers in an amount reflecting the expected consideration in return for those goods or services. Paragraph IFRS 15.B34 requires entities to assess whether they act as a principal or an agent for each good and service provided to a customer. 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. Some businesses went unaffected with its implementation while some companies like the ones from telecommunication sector experienced a significant hit through implementation of this IFRS. Further, it says, a customer is a party enters into contract with an entity to purchase goods or services being the output of the entity’s ordinary activities, in exchange for a consideration. Technical resources on the International Financial Reporting Standards (IFRS) – get started now with practical guidance, latest thinking and tools. A price concession granted to a customer could be within the scope either of the variable consideration guidance or the contract modification guidance depending on the facts and circumstances. If appropriate, a combination of the two approaches (IFRS 15.21(c)). This is the last step of revenue recognition under IFRS 15. It may even be oral or even implied by an entity’s customary business practices. Transfer of control also incorporates transfer of risks and rewards along with four other indicators for revenue recognition which are, but are not limited to: (a) right to payment for the asset is established; (b) legal title is transferred to the customer; (c) physical possession of the asset is with the customer; (d) customer has accepted the assets. Should you recognize settlement discount as a cost at the time when the payment is received? 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. Contracts in the scope of IFRS 15 are subject to the onerous contract requirements of IAS 37. As this standard primarily superseded IAS-18, it focuses on revenue recognition when the control in respect of goods and services is transferred instead when the risks and rewards are transferred which was the underlying principle of IAS 18 (this point will be discussed later in this article). This results in a required reduction in revenue recognised of CU500 – negative revenue results. GAAP, on the other hand, has highly specific rules and procedures codified for a … This article highlights key aspects of IFRS 15 ’Revenue from Contracts with Customers’, that are expected to be particularly relevant during the COVID-19 pandemic. Our advice is to build a wider ‘digital risk’ function which integrates data privacy and cyber security. Importantly, revenue in respect of any goods or services can only be recognized if it passes all these steps. In this case, ABC Co has two obligations as follow: The contract price in this case is calculated as the monthly fee of US$30 multiply with 12 month to see the yearly fee. Another important term highlighted in this step is the existence of transfer. Many organizations apply accrual basis of accounting for financial statements’ preparation. Unlike IAS 18 where revenue shall be recognized only on the monthly fee while the wifi router considered as free. instructions how to enable JavaScript in your web browser
But where should you start? An onerous contract is defined by IAS 37 as one in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it (IAS 37.10). The COVID-19 pandemic may result in entities having to renegotiate customer contracts. ExampleEnginCo, an entity with a 31 December year-end, commenced a contract with CustomerCo in May 2018 involving the production of eight tractors. Peter will receive a free wifi router for free at upon signing the contract and completing the installation. In effect, the entity should cash account for transactions of this nature. Both trade receivables and contract assets may also be subject to additional credit risk. Both public and privately held companies should be IFRS 15 compliant now based on the 2017 and 2018 deadlines. There is no requirement for a contract to be in written form to be enforceable. IFRS revenue recognition is guided by two primary standards and four general interpretations. In this second step, ABC Co shall need to identify the performance obligation from the service provided to Peter properly. (This shall be discussed shortly hereinafter). On 31 March 2020, EnginCo ceased construction due to social distancing rules with seven tractors delivered. Assume also that point-in-time revenue recognition is appropriate. The costs to fulfil the contract cannot be deferred and should be recognised as incurred as they are not ‘expected to be recovered’ (IFRS 15.95(c)). IFRS 15 is a revenue recognition standard that affects all businesses that enter into contracts with customers to transfer goods or services – public, private and non- profit entities. By measuring progress towards satisfaction of a performance obligation an entity recognizes the revenue in the pattern of transfer of control of the promised good or service to the customer. In terms of recognition of revenue, it is the IFRS – 15’s core principle that revenue recognition is dependent on the time when the performance obligation is satisfied and a performance obligation is satisfied when control of goods or service is transferred to the customer. At the same time, the IASB has also issued clarifying amendments on 12 April 2016 that have the same effective date as the standard itself. Our system expedites the process by helping you recognize patterns, make connections, and classify financial data appropriately, all while liberating your time managing the books. To recognise revenue under IFRS 15, an entity applies the following five steps: identify the contract (s) with a customer. As mentioned earlier, in IAS – 18, the major focus was on the transfer of risks and rewards for the recognition of revenue. Reporting revenue under IFRS 15 Revenue from Contracts with Customers is now one of your ordinary activities. Applying this principle involves following the ‘5-step model’. If collecting the consideration is not probable at contract inception, the normal IFRS 15 guidance does not apply. IFRS 15 is the New Revenue standard issued by IASB to replace the IAS 18 and IAS 11. These declines in revenue may arise from decreases in volume and changes in variable consideration. So, this standard caters the revenue recognition matter for various possible business dealings with the customers with some exclusions as mentioned in the standard as: Leases, financial instruments, insurance contracts, guarantees and certain non-monetary exchanges. Part 15 of the IFRS standards speak to revenue recognition. It means, for instance, if commercial substance does not exist in a transaction between parties due to, for example, absence of arm’s length transaction, IFRS 15 would not apply. GAAP addresses such things as revenue recognition, balance sheet, item classification, and outstanding share measurements. After that, ABC Co shall need to allocate the monthly plan accordingly. Contract assets (sometimes referred to as unbilled revenue or similar) are subject to the IFRS 9 expected credit loss model. The standard uses the term variable consideration for such items and mentions that condition for inclusion of variable consideration as part of transaction price in these words: “variable consideration is only included in the transaction price if, and to the extent that, it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved.” Moreover, if consideration is settled upfront or is delayed, incorporation of the effect of time of value of money is also required in the transaction price. After identification of performance obligations in a contract, … So this feels like the right time to take stock – to pull together, in one place, what we have learned about this new world of revenue recognition. The impact of the above will therefore be required to be included in revenue at each reporting date. Or, should you adjust revenue? Internet service fee of US$270 per year and US$22.5 per month. © 2020 Grant Thornton International Ltd (GTIL) - All rights reserved. It was adopted in 2014 and became effective in January 2018. It is likely that, as a result of changes in the economic environment, customers will seek to modify contracts; it is also possible that the ability of customers to pay for goods may be called into question prior to delivery occurring. A performance obligation is satisfied by transferring a promised good or service to a customer (IFRS 15.31). A significant reversal of revenue is possible as each of the above is remeasured which may, for a contract, result in negative revenue in the current reporting period. As you can see from the table in step 4 above, the revenue recognition shall be split between the internet service fee and wifi router. The accounting for onerous contracts includes creating a provision based on the unavoidable costs of meeting the entity’s obligation under the contract (IAS 37.66). Thus, how does ABC Co recognize the revenues from this plan in accordance with IFRS 15? Instead, the supplier recognises revenue only if/when it collects the consideration and has no remaining obligations to perform. The level of complexity associated with revenue recognition varies from industry to industry and company to company. The standard defines transaction price as the amount of consideration that an entity expects to be entitled to in exchange for transferring promised goods or services to a customer. But with businesses in other industries increasingly looking to new technologies as the path to transformation, this is also a time of opportunity. Depending on the type of modification, ‘contract modification’ accounting may apply. IFRS Accounting, Revenue recognition. As this standard superseded two standards namely, ‘IAS 18 – Revenue’ and ‘IAS 11 – Construction Contracts’ along with three IFRICs and an SIC with an application date of January 1, 2018, companies that were preparing IFRS compliant financial statements had an obligation to understand fully and apply this standard in preparing financial statements for the reporting year 2018 and onwards with an option of early adoption. You must then identify the performance obligations as … Agent – the party that arranges for the goods or services to be provided by another party without taking control over those goods or services. It seems understandable and very easy at first sight, and it truly is in many cases. Contracts that were previously expected to be profitable may become loss-making due to a decrease in variable consideration (see above) and/or an increase in contract costs. 2. The wifi is not considered as free. It was appropriate to recognise the share of performance bonus at 31 December 2019 – at that date, it was 'highly probable that a significant reversal in the amount of cumulative revenue will not occur when the uncertainty associated is subsequently resolved' (IFRS 15.56). By taking contract price as the base/starting price, some adjustments have to be made to the same to approach at a reasonable estimated price as transaction price, for instance, adjusting the base price for items like coupons, non-cash consideration, discounts, bonuses, rebates, credits, penalties, etc. How to Calculate Cost of Common Stock Equity? So what’s the solution? It will become effective on 1 January 2018, with retrospective application, and early adoption is permitted. IFRS 15 also requires an entity to recognise revenue from contracts only where the customer is expected to meet its obligations under the contract. Where a customer encounters financial difficulty or reduced demand, it may request a contract modification (alternatively referred to as a 'change order', 'variation' or 'amendment') to alter the scope of the contract. In essence, the recognition of revenue under these rules requires the following steps to be taken: Your company must identify the contract with the customer. Absence of transfer would mean absence of performance obligation and would be excluded from the purview of IFRS 15. The standard provides certain criteria to be met for concluding that the control is transferred over time. As you know that the IASB has issued a new standard on Revenue Recognition in May 2014 to replace the existing IAS 18. So how can the TMT industry ride out the turbulence and thrive? IFRS-15, doubtlessly was one of the outcomes of this phenomenon. Thus, the wifi router would be treated as market cost under IAS 18. Otherwise, performance obligation is considered to be satisfied at a point in time. Hence, revenue recognition for such long term contracts shall be dependent on stage of completion which shall be agreed upfront. Determination of the transaction price. identify the performance obligations in the contract. IFRS 15 supersedes the current revenue recognition standards including IAS 18 Revenue, IAS 11 Construction Contracts and their related interpretations. Accordingly, it will receive payments (usually termed as progress bills) from the hospital management at predefined stages of completion. The core principle of IFRS 15 is that an entity will recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. However, previous revenue recognition guidance differs in Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)—and many believe both standards were in need of improvement. For instance, if you own a construction company and you are constructing a warehouse for your client and for making necessary food arrangements for the construction team at the site, you have built a canteen room for them. Even if one of the criteria is met, revenue can be recognized over time. In addition, an entity should review contracts to determine if there are any special terms that may relieve either party to the contract of its obligations under it (Force Majeure). INTRODUCTION On 28 May 2014, the International Accounting Standards Board (IASB) published IFRS 15 Revenue from Contracts with Customers.IFRS 15 sets out a single and comprehensive framework for revenue recognition and, for many entities, the timing and profile of revenue recognition will change. For example, a construction company undertakes to construct a gigantic parking plaza for a hospital, which will take say, 3 years during which materials, labor and other costs shall incur. IFRS in Practice: IFRS 15 Revenue from Contracts with Customers This publication includes in depth analysis and commentary on each of the 5 steps of IFRS 15. If contract modification accounting is applied, the entity should apply the most appropriate of the following methods: Revenue where significant uncertainty of receipt of payment existsIFRS 15 also requires an entity to recognise revenue from contracts only where the customer is expected to meet its obligations under the contract. Reporting revenue under IFRS 15 is now one of the ordinary activities of companies in the 100+ countries that use IFRS Standards. Finally, onerous contracts may arise as contracts become loss-making through either a decrease in variable consideration or an increase in contract costs. Though management would continue to supply to the customer, revenue should only be recognised when it is probable that the customer will be able to pay the transaction price (IFRS 15.9 (e)). Accounting for Accrued Expenses? TMT outlook: Can tech spend buoyancy keep the industry airborne? The monthly fixed fee for the internet service is US$30. They are designed to maintain credibility and transparency in the financial world do not permit revenue recognition prior to delivery. In addition, it discusses issues that companies have encountered in implementing IFRS 15 and includes a number of examples to demonstrate how the standard should be applied. Are you ready for IFRS 16? To address such evolvements, accounting standards have to be constantly updated and revised to make them more and more inclusive and comprehensive in nature so that the accounting treatments and disclosure requirements for maximum possible business models can be covered. Here are the
For the half-year ended 30 June 2020, it is apparent that the performance bonus will not be received. As a result of COVID-19 entities are generally expecting to experience significant declines in revenue and decreases in progress of delivery of performance obligations for long-term contracts. Say goodbye to the arm’s length principle. Contract assetsChange in expected contract profitability and/or the customer's ability to pay could affect the recoverability of assets recognised in accordance with IFRS 15. During the first half of 2014, the FASB and the IASB will issue new accounting standards for recognizing revenue from contracts with customers. Step 1: Identify contract (s) with customer A contract creates enforceable rights and obligations. Before moving forward, it is important to mention here that contracts with parties who are not the customers also fall in the exclusion category of this standard. The core principle of IFRS 15 is that revenue is recognised when the goods or services are transferred to the customer, at the transaction price. "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. In 2014, the organization in charge of GAAP, the Financial Accounting Standards Board (FASB), announced they were establishing a new revenue recognition standard. How to Calculate Earnings per Share (EPS)? In case of inability to directly observe stand-alone selling price, standard provides some methods to estimate the same, i.e., adjusted market assessment approach, expected cost plus a margin approach and residual approach (only permissible in limited circumstances). Just like any new standard, the extent of impact of this standard on revenue recognition varied in correlation with the level of complexity of revenue structures of different businesses. For the sale of goods, IFRS standardsIFRS StandardsIFRS standards are International Financial Reporting Standards (IFRS) that consist of a set of accounting rules that determine how transactions and other accounting events are required to be reported in financial statements. Management’s assumptions concerning variable consideration (based on facts and circumstances at the reporting date) will need to be reviewed in the context of COVID-19. For simplicity, we will illustrate the allocation of transaction price as per the table below: Above is the split of transaction price between Internet Service fee and Wifi Router. IAS 18 was reissued in December 1993 and is operative for periods beginning on or after 1 January 1995. 96 . IFRS 15 provides the 5 step framework on how and when to … Once it has been established that contract with customer exists, presence of performance obligation has to be checked in the contract. 5 steps approach revenue recognition as as follow: Commencing the model from the first step, contract must be identifiable and that has to be with the customer (as mentioned earlier) for which standard provides definitions for guidance and clarity during application. One of the few recent International Financial Reporting Standards (IFRSs) issued by International Accounting Standards Board (IASB) that happened to supersede the old standard(s) and have caught attention of Accountants in practice and industry across the globe is the standard that discusses the matter of Revenue Recognition in detail – IFRS 15 Revenue from contracts with customers. Conversely, IFRS has two main revenue recognition standards with limited implementation guidance that many believe can be difficult to understand and apply. GTIL does not provide services to clients. The total yearly fee is US$36o. in construction of a building at the customer’s site, the asset is under the control of the customer (c) entity performs a performance obligation with no alternative use to the entity and the entity has right to payment for the work done – right to payment also incorporates some element of profit margin in addition to the cost, if only cost is recovered then it is not a right to payment under IFRS – 15. Building on this we now need to get into the more technical financial reporting requirements in this recognition to be able to understand the new IFRS 15 requirements; in particular the accounting of revenue subscription. INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS), Reporting the impact of COVID-19 on your business. 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