IFRS 15 | Revenue Recognition| Revenue From Contract with Customers | IFRS Lectures
In this session, I cover IFRS 15. IFRS 15 is effective for annual reporting periods beginning on or after 1 January 2018, with earlier application permitted. IFRS 15 establishes the principles that an entity applies when reporting information about the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer.
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FRS 15 establishes the principles that an entity applies when reporting information about the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer. Applying IFRS 15, an entity recognises revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
To recognise revenue under IFRS 15, an entity applies the following five steps:
identify the contract(s) with a customer.
identify the performance obligations in the contract. Performance obligations are promises in a contract to transfer to a customer goods or services that are distinct.
determine the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. If the consideration promised in a contract includes a variable amount, an entity must estimate the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods or services to a customer.
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Пікірлер: 69
Very well explained! Thanks Mr. Farhat!
@AccountingLectures
4 жыл бұрын
You are most welcome. Please subscribe and share. If you want to access more resources, check my website: ✔farhatlectures.com/ ✔Instagram: @farhatlectures ✔ Linkedin: www.linkedin.com/in/professorfarhat/ ✔Facebook:@accountinglectures ✔Twitter: @farhatlectures 🎤Email: Mansour.farhat@gmail.com
So great, I always like your presentations.
@AccountingLectures
4 жыл бұрын
You are most welcome. Please subscribe and share. If you want to access more resources, check my website: ✔farhatlectures.com/ ✔Instagram: @farhatlectures ✔ Linkedin: www.linkedin.com/in/professorfarhat/ ✔Facebook:@accountinglectures ✔Twitter: @farhatlectures 🎤Email: Mansour.farhat@gmail.com
Excellent!
Well done sir,looking forward to more lectures
@AccountingLectures
4 жыл бұрын
You are most welcome. Please subscribe and share. If you want to access more resources, check my website: ✔farhatlectures.com/ ✔Instagram: @farhatlectures ✔ Linkedin: www.linkedin.com/in/professorfarhat/ ✔Facebook:@accountinglectures ✔Twitter: @farhatlectures 🎤Email: Mansour.farhat@gmail.com
Thanks for the explanation!
@AccountingLectures
3 жыл бұрын
You are most welcome. Please subscribe and share. If you want to access more resources, check my website: ✔farhatlectures.com/ ✔Instagram: @farhatlectures ✔ Linkedin: www.linkedin.com/in/professorfarhat/ ✔Facebook:@accountinglectures ✔Twitter: @farhatlectures 🎤Email: Mansour.farhat@gmail.com
Excellent explanation of RR love it Sir
@AccountingLectures
2 жыл бұрын
Most welcome. Please take a look at my website: farhatlectures.com/ then choose your course.
Very informative and impressive lecture
@AccountingLectures
4 жыл бұрын
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Thank you so much for such a wonderful video
@AccountingLectures
3 жыл бұрын
You are most welcome. Please subscribe and share. If you want to access more resources, check my website: ✔farhatlectures.com/courses ✔Instagram: @farhatlectures ✔ Linkedin: www.linkedin.com/in/professorfarhat/ ✔Facebook:@accountinglectures ✔Twitter: @farhatlectures 🎤Email: Mansour.farhat@gmail.com
i watched three times and i got it completely.
Thanks, U did well. I have better understanding now
@AccountingLectures
2 жыл бұрын
Great! Please take a look at my website: www.farhatlecures.com
Thanks for your efforts Mr Farahat
@AccountingLectures
4 жыл бұрын
You are most welcome. Please subscribe and share. farhatlectures.pathwright.com/library/ Instagram Account: instagram.com/farhatlectures/ Linkedin: www.linkedin.com/in/professorfarhat/ Facebook: facebook.com/accountinglectures Twitter: twitter.com/farhatlectures Email: Mansour.farhat@gmail.com
Nice. Need a detailed lecture for each step for IFRS 15
You are a great teacher
@AccountingLectures
2 жыл бұрын
Glad you think so! Please connect with me: linktr.ee/farhatlectures
How can i get the ifrs examples to clarify the content. Tks for sharing the link
Thank you very much! I understand IFRS 15 better now that it is condensed in this video... I am a 3rd year student right now about to take my prelims exam hahaha
@echoxerk
3 жыл бұрын
This was very helpful. I will share this to my classmates as well
@AccountingLectures
3 жыл бұрын
Please make sure to do so
well explained !
@AccountingLectures
3 жыл бұрын
You are most welcome. Please subscribe and share. If you want to access more resources, check my website: ✔farhatlectures.com/ ✔Instagram: @farhatlectures ✔ Linkedin: www.linkedin.com/in/professorfarhat/ ✔Facebook:@accountinglectures ✔Twitter: @farhatlectures 🎤Email: Mansour.farhat@gmail.com
SO GREAT ALWAYS EXCELLENT EXPLANATION THANK YOU.VERY VERY MUCH BRASIL RIO DE JANEIRO CITY
@AccountingLectures
2 жыл бұрын
Most welcome from Philadelphia 🇺🇸
awesome!
@AccountingLectures
3 жыл бұрын
You are most welcome. Please subscribe and share. If you want to access more resources, check my website: ✔farhatlectures.com/ ✔Instagram: @farhatlectures ✔ Linkedin: www.linkedin.com/in/professorfarhat/ ✔Facebook:@accountinglectures ✔Twitter: @farhatlectures 🎤Email: Mansour.farhat@gmail.com
Don't regret downloading your lecture❤
@AccountingLectures
3 ай бұрын
Glad to hear that! Thank you and please visit the website for more farhatlectures.com/ Start your free trial!
Very much helpful
@AccountingLectures
11 ай бұрын
Glad to hear that! Thank you and please visit the website for more farhatlectures.com/
Gosh I wish I could retain all this information in my limited memory.😔
@AccountingLectures
4 жыл бұрын
You are most welcome. Please subscribe and share. If you want to access more resources, check my website: farhatlectures.pathwright.com/library/ Connect with me: Instagram Account: instagram.com/farhatlectures/ Linkedin: www.linkedin.com/in/professorfarhat/ Facebook: facebook.com/accountinglectures Twitter: twitter.com/farhatlectures Email: Mansour.farhat@gmail.com
Very good job 👏
@AccountingLectures
5 ай бұрын
Thank you and please visit the website for more farhatlectures.com/ Start your free trial! Let’s get connected: LinkedIn: www.linkedin.com/in/professorfarhat Facebook: facebook.com/farhatlectures Instagram: instagram.com/farhatlectures/?hl=en Reddit: www.reddit.com/user/Farhatlectures
Best ever
@AccountingLectures
2 жыл бұрын
Thank you. Please connect with me: linktr.ee/farhatlectures
Ind As and IFRS are somewhat same?
Thank you, this lesson is very valuable!
@AccountingLectures
Жыл бұрын
Thank you and please visit the website for more farhatlectures.com/
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Are the five steps listed explicitly in the handbook?
@yandhi4202
2 жыл бұрын
i dont see it like step 1 step 2 to step 5 listed one by one, but rather you woudl have to seek out each - is that correct? thank you!
How will revenue recognition differ if contract., eg project, specify invoicing timeline which are not in line with completion of performance obligations? For example an Annual Maintenance Contract stipulate 100% invoicing upon completion of AMC period, which falls into next financial year.
@alegremohammadallem6993
3 жыл бұрын
Since invoicing will be present in future date. Cost recovery method is applicable. But the amount is measurable/reliable so technically, cost to cost or POC is still used. I think you accrue your incurred cost per period until completion.
I have one question of invoice issued but revenue not recognised then how do we do accounting for invoice
@AccountingLectures
2 жыл бұрын
Please connect with me: linktr.ee/farhatlectures
management accounting
where are the journal entries ??
@TheCorporate07
4 жыл бұрын
Waste of time with all respect. no journal entries !
Nice and easy to understand lecture. Although i have a doubt regarding weighted probability approach in Peabody construction example. 100k is fixed revenue whereas 50k is variable. Then shouldn't the probability be applied on only 50k because 100k is not time bound revenue.
@alegremohammadallem6993
3 жыл бұрын
Actually he did apply it, he got the 10% of 50,000. But this is correct in any way (including the 100,000) because the probability pertains to COMPLETION, which in that case includes the fixed payment + bonus applicable. Technically if it is completed, 100,000 is automatically recognized.
@alegremohammadallem6993
3 жыл бұрын
And even though you add that 100k or not, the result will be the same because it has the 50,000 amount. Example, 50% Completion, you get the 50% of 50,000=25,000. Since it is COMPLETED, you will still add the fixed amount.
Please mr farhat we need lectures about CMA if it possible
In example of peabody, for calculation of transaction price, 100000 should be fixed and 50000 should be variable for which we should have used probability. Because in 100% cases, we will get 1 lac. Please help me with this confusion!
Where's journal entires??
Please help me in these two questions Qst:1 Invoice Issued in Aug-20 50000USD Service provided in Sep-20 30000USD How much revenue will be recognised in Aug-20 and Sep-20 and how much will be the working capital in Aug-20 and Sep-20 Second Qst : Invoice Issued in Aug-20 50000USD Service provided in Aug-20 30000USD How much revenue and Working capital would be recognised in Aug-20 Kindly help me in it
It's a half lecture of ifrs 15
I am a good English speaker, who can understand and communicate well ... But here the speed of deliverance is awfully fast, which won't fetch a durable outcome from this lecture. The lecturer is undoubtedly awesome but needs more improvements Regards
@AccountingLectures
3 жыл бұрын
Slow me down via KZread to .75. You are welcome. Check my website for more: ✔farhatlectures.com/ ✔Instagram: @farhatlectures ✔ Linkedin: www.linkedin.com/in/professorfarhat/ ✔Facebook:@accountinglectures ✔Twitter: @farhatlectures 🎤Email: Mansour.farhat@gmail.com
@subashdai
3 жыл бұрын
You might be a good english speaker but you are not much of a listener. The speed of this lecture is absolutely fine.
Are you rocket? 😪😳