IFRS- 15 with illustrative examples 1. International Financial Reporting Standard 15 Revenue from Contracts with Customers 2. So this feels like the right time to . For example, entities with material leasing revenue will have to separate leasing revenue recognised under IFRS 16 from revenue from contracts with customers recognised under IFRS 15. Les contrôles comptables Sapin 2 : une lumière au bout du tunnel, L’application de l’amendement à la norme IFRS 16 relatif aux allégements de loyers liés à la Covid-19 dans les comptes semestriels suspendue au processus d’adoption européen, En un temps record, l’IASB propose d’amender la norme IFRS 16 pour traiter les allégements de loyer liés au Covid-19, Synthèse des discussions en cours à l’IASB, L’IASB fait des propositions pour améliorer la comparabilité du compte de résultat. For example, a gym membership is an obligation to stand-ready to provide the customer with access to the gym and its equipment. the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (in other words: the promise to transfer the good or service is distinct within the context of the contract). For example, a telecommunications company may want to consider a ‘free’ mobile phone provided to a customer as a marketing expense as its business model is to provide telecommunications services, not to sell phones. Another important type of a performance obligation is a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer (IFRS 15.22(b)). A good or service which has been delivered may not be distinct if it cannot be used without another good or service that has not yet been delivered. The following decision should be used to determine whether multiple contracts should be combined or not: Example – Combination of contracts . The standard was published in May 2014 and is effective from 1 January 2018. It contracts with a car producer to manufacture 1 million car seats over the next three years. Contents IFRS 15 Revenue from Contracts with Customers Illustrative Examples IE1 Identifying the contract IE2 - IE17Contract modifications IE18 - IE43Identifying performance obligations IE44 - IE65A Only Entity X is able to install the equipment. For arrangements with trial/evaluation periods, revenue is not recognised until the customer accepts the asset or trial period ends and customer becomes committed to pay consideration for the asset (IFRS 15.B86). Les normes IFRS sont fondées sur des principes. 41 . A performance obligation is treated as satisfied over time under this criterion when both of the following criteria are met: An asset created by an entity’s performance does not have an alternative use to an entity if the entity is either: The assessment of whether an asset has an alternative use to the entity is made at contract inception (IFRS 15.36). It does not matter whether the production will be spread evenly over time or not. Output methods are covered in IFRS 15.B15-B17. The definition of control can be split into the following parts as set out in IFRS 15.33 and discussed further by the IASB in IFRS 15.BC120: The assessment of when control has been transferred to a customer should be made from his perspective (IFRS 15.BC121). Entity A contracts to transport a package from Madrid to Moscow. Executive summary 3 2. Par Hugues de Noray, associé, Advolis Audit et Conseil. In output based approach, the value transferred to the customer is measured and treated as a basis for revenue recognition. Enforceability of the rights and obligations in a contract is a matter of law. work-in-progress) is created that is not consumed immediately by the customer (IFRS 15.BC128). When the entity has transferred a legal title to a customer under a contract, it is an indicator that the control of the asset has been passed to a customer. The setup of manufacturing line is not a distinct service and does not constitute a separate performance obligation as it does not result in a transfer of goods or services to the customer. Such a bundle is then treated as a single performance obligation (IFRS 15.30). Certainly, the most significant difference to consider is the Such performance obligations are usually treated as satisfied over time with straight-line revenue recognition. EXAMPLE: REPURCHASE AGREEMENT 43 . from Madrid to Berlin) as another entity would not need to substantially re-perform the work that Entity A has completed to date if that other entity were to fulfil the remaining performance obligation to the customer and transport the package from Berlin to Moscow (IFRS 15.B4). IFRS 15 requires that revenue and impairment losses arising from contracts with customers to be disclosed separately from items not arising from contracts with customers. It is also important that the right to payment is legally enforceable. Only one method should be used for measuring progress for a particular performance obligation and also for performance obligations with similar characteristics (IFRS 15.BC161). IE2 Examples 1–4 illustrate the requirements in paragraphs 9–16 of IFRS 15 on identifying the contract. Instead, revenue is recognised proportionately to time lapsed. When there are several performance obligations in a contract, a provision is recognised only when the contract as a whole is onerous. A manufacturer contracts with its customer for a production of 100,000 pieces of sporting equipment. Leur expression conceptuelle déroute parfois l’utilisateur des comptes. Example 15: Assets measured at Fair Value . See paragraphs IFRS 15.B6-B8 and BC134-BC141 for more discussion. Variable consideration can be included in projected cash inflow based on e.g. In addition, the following requirements are illustrated in these examples: (a) the interaction of paragraph 9 of IFRS 15 with paragraphs 47 and 52 of IFRS 15 on estimating variable consideration (Examples 2–3); and IFRS 15 does not have any specific provisions on onerous (loss-making) contracts, therefore these IAS 37 requirements apply. La parution d’IFRS 15 en mai 2014 s’accompagne d’un recueil de 63 exemples pour illustrer les conséquences pratiques attendues. What exactly are repurchase agreements and what is their impact on accounting for revenue under IFRS 15? The equipment and its installation as treated as a single performance obligation as the customer would not be able to benefit from the equipment or installation service on its own. This can be especially challenging for performance obligations consisting of several non-distinct goods/services. The advantage of output methods is that they directly measure the value of the goods or services transferred to the customer. Since, there may be … These examples represent how some of the disclosures required by IFRS 13 (in paragraphs 93 and IE60-63) in relation to fair value measurement might be tagged using detailed XBRL tagging. A car manufacturer sells its cars to a dealer and promises in the contract to provide a free maintenance to a final customer (i.e. It does so, because in concludes that conditions in paragraph IFRS 15 … See Examples 13,18 and 25 accompanying IFRS 15 and the example below. Revenue is recognised when/as performance obligations are satisfied in the amount of transaction price allocated to satisfied performance obligations (IFRS 15.46). Inline XBRL; ZIP; Example 16: Financial assets & financial liabilities subject to offsetting . A performance obligation is a promise to transfer to the customer a good or service (or a bundle of goods or services) that is distinct (IFRS 15.22). This may be a very useful practical expedient as it effectively applies also to determining the transaction price and allocating it to performance obligations. Examples of such activities are setup of a manufacturing process or connecting a customer to a telecommunications network. disregard potential contractual restrictions or practical limitations that otherwise would prevent the entity from transferring the remaining performance obligation to another entity; and. Such an approach is not allowed under IFRS 15 (IFRS 15.BC88-BC90). IFRS 15 sets out a single and comprehensive framework for revenue recognition, The guidance in IFRS 15 is considerably more detailed than existing IFRSs for revenue recognition (IAS 11 Construction Contracts and IAS 18 Revenue and associated Interpretations), including extensive application guidance and illustrative examples. Examples may include surveys of work performed, units produced, units delivered etc. See Example 10 Case A, Example 11 Cases B/E and Example 55 and Example 56 Case B accompanying IFRS 15. Bien que d’application obligatoire à partir du 1er janvier 2017, il est fortement conseillé d’engager les travaux d’implémentation sans délai. IFRScommunity.com is an independent website and it is not affiliated with, endorsed by, or in any other way associated with the IFRS Foundation. Examples of distinct goods or services are given in IFRS 15.26. direct labour hours, time elapsed or resources consumed. Contracts can be written, oral or implied by an entity’s customary business practices. › IFRS 15 – Illustrative disclosures. When a contract execution comes to a point when the entity has the right to a payment, it is an indicator that the control of the asset has been passed to a customer. See IFRS 15.37;B9-B13;BC142-BC147 for more discussion on this criterion. Input methods are covered in IFRS 15.B18-B19. Additionally, it charges a one-off connection fee. A good or service should be treated as a separate performance obligation irrespective of the business model adopted by an entity. Each of the goods or services is significantly affected by one or more of the other goods or services in the contract (they are highly interdependent or highly interrelated). When the up-front fees are deemed to be a compensation for set-up costs incurred by the entity, those costs can be recognised as costs to fulfil a contract (assets) (IFRS 15.B51). The manufacturer charges $0.5 million of up-front setup costs and $100 for each manufactured piece. if a performance obligation does not meet the criteria of being satisfied over time, it is assumed to be satisfied at a point in time. IE188 Examples 36–37 illustrate the requirements in paragraphs 91–94 of IFRS 15 on incremental costs of obtaining a contract, paragraphs 95–98 of IFRS 15 on costs to fulfil a contract and paragraphs 99–104 of IFRS 15 on amortisation and impairment of contract costs. It does so, because in concludes that conditions in paragraph IFRS 15.35(c) are met (more on performance obligations satisfied over time below). limited practically from readily directing the asset in its completed state for another use (as is the case when assets are significantly customised for the customer). Control is the ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset, or to restrict the access of other entities to those benefits (IFRS 15.31-34). sale of software with significant customisation). There seems to be very specific guidance in IFRS 15 related to licences and the initial starting point is to determine whether a licence is distinct. Identifying performance obligations is critical to revenue recognition under IFRS 15. The entity provides a significant service of integrating the goods or services with other goods or services promised in the contract into a bundle of goods or services that represent the combined output or outputs for which the customer has contracted. Example: Satisfaction of performance obligation in a transportation service. Such a promise of free maintenance is a distinct service and constitutes a separate performance obligation for a car manufacturer. An exception to this rule applies when the entity can objectively determine that the agreed specifications are met, such as weight or size (IFRS 15.B83-B85). a mobile phone that needs a provider of telecommunications services). construction contracts). However, the control may have been passed to a customer even without the transfer of legal title, e.g. In addition to the goods or services explicitly stated in the contract, all implied promises (e.g. This is a starting point in identifying performance obligations. Measurement of progress can be based on the output or the input. Entity A should recognise revenue for the transportation completed to date (i.e. Mais dans le cas de la parution de la norme IFRS 15, l’enjeu est tel que l’IASB a jugé utile de détailler de nombreux cas de figure («illustrative examples» ou «IE»). Measuring progress using an input method may be based on e.g. For example, if the fare was £30 and the commission is £3, under IFRS 15 the £3 pound will be accounted as turnover ad the £27 posted to cost of … IFRS 15 prescribers the 5-step model for the revenue recognition. Excerpts from IFRS Standards come from the Official Journal of the European Union (© European Union, https://eur-lex.europa.eu). when the entity keeps the legal title until all receivables are paid by a customer. Le renouvellement du contrat est possible sans coût additionnel. If the answer is yes, the good/service is distinct. See Examples 7, 13, 25 accompanying IFRS 15 and the examples below. Example 36—Incremental costs of obtaining a contract. For example, real estate companies currently recognize revenue upon the transfer of risks and rewards to customers in accordance with the IFRS Interpretations Committee (IFRIC) 15, which is practically upon completion of the project development and handover of real estate units to customers. Basis for Conclusions to IFRS 15 and Example 19 include specific discussion on uninstalled materials (IFRS 15.BC170-BC175) and inefficiencies and wasted materials (IFRS 15.BC176-BC178). A good or service promised to the customer is not separately identifiable from other promises in the contract when, in substance, the customer contracted for a combined good or service. This does not mean that an entity must have an unconditional right to payment at the reporting date but, instead, it must have an enforceable right to demand payment for performance completed to date if the customer were to terminate the contract before completion. For official information concerning IFRS Standards, visit IFRS.org. Sometimes a customer can benefit from the good or service only by using them with other readily available resources (e.g. Entity X produces a specialised equipment which is installed at customer’s premises. 20. If no, the good/service is not distinct. You can also check out my IFRS Kit with detailed video tutorials about IFRS 15. En échange de ce coût initial et ponctuel, l’entité ne transfère ni un bien ni un service, ce qui ne crée aucune «obligation de performance». Paragraphs 28 and 30 have not been amended but have been included for ease of … Leur expression conceptuelle déroute parfois l’utilisateur des comptes. If a performance obligation is not satisfied over time, it must be treated as satisfied at a point in time (IFRS 15.32). Example: A series of distinct goods or services that are substantially the same. Each car seat is a distinct good, but Entity A treats the whole contract as one performance obligation under paragraph IFRS 15.22(b). Big Bed enters in a contract with a customer to sell beds for $400 per bed on 1 January 2017. This may be described as a change order, a variation, or an amendment. Offre premium Tous les articles et les archives du magazine accessibles en ligne, Ne perdez rien de toute l'information financière, Le traitement comptable d’une cession-bail à loyers variables, Recommandations de l’AMF relatives à l’arrêté des comptes 2020 en IFRS. Use at your own risk. CLARIFICATIONS TO IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS—APRIL 2016 Amendments to the Illustrative Examples on IFRS 15 Revenue from Contracts with Customers Paragraphs IE45, IE47, IE50–IE51, IE55–IE57, IE61, IE63, IE225–IE227, IE230–IE232, IE237–IE238, IE240–IE245, IE247–IE248, IE275, IE277–IE280, IE286–IE287, IE290–IE294, IE296, IE299–IE300, … If a performance obligation is satisfied over time, revenue is recognised based on the progress towards complete satisfaction of performance obligation. The most typical application of this criterion is in construction industry, when an asset is created or enhanced on the customer’s land. Licences43 . Free smartphone is a distinct good and constitutes a separate performance obligation for the telecommunications company. Entity X charges $5 million for the equipment and $0.5 million for the installation. Entity A is a company manufacturing car parts. to a customer of a dealer) for 3 years after the purchase. When the entity is unable to measure the progress reliably, revenue is recognised only to the extent of the costs incurred, provided that the entity expects to recover them. by past business practices or published policies) that create a valid expectation of the customer that the entity will transfer a distinct good or service are also treated as separate performance obligations, even though they may not be enforceable by law (IFRS 15.24, BC87). At the reporting period, the package has already been transported to Berlin. Once the reliable measurement of progress becomes possible, the entity applies output or input methods as described above (IFRS 15.44-45). In other words, the entity is using the goods or services as inputs to produce or deliver the combined output or outputs specified by the customer. Amendments to IFRS 15 Revenue from Contracts with Customers Paragraphs 26, 27 and 29 are amended. For example, when a customer places an order to print 10,000 copies of a book, the paper used for printing that book is not a distinct good, although the customer would be able to take that paper with him and print the book in a different place. Such costs cannot be deferred and recognised as assets unless they meet the criteria of recognising costs to fulfil a contract. Measurement method should take into account all goods and services promised in the contract. The entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. IFRS – 15 provides two methods for the measurement of progress towards satisfaction of a performance obligation, output and input based approach. A series of distinct goods or services is treated as one performance obligation when both of the following criteria are met (IFRS 15.23): See Examples 7, 13, 25 accompanying IFRS 15 and the examples below. Parmi ces nombreux exemples, tous dignes d’intérêt, les trois situations suivantes, simples et emblématiques, permettent d’apprécier la portée de certaines réflexions à mettre en œuvre. obtain substantially all of the remaining benefits from an asset. Le coût initial («upfront fee») est considéré comme le paiement par avance d’une partie du prix d’une transaction globale. Paragraph IFRS 15.B16 offers a practical expedient and allows to recognise revenue as the customer is billed, provided that this corresponds directly with the value to the customer of the entity’s performance completed to date. IFRS 15 Revenue from Contracts with Customers provides a single, principles-based five-step model that should be applied to determine how and when to recognise revenue from contracts with customers. 43 IFRS 15 will require construction companies to consider whether these contracts should be accounted for separately or as one combined contract. See Example 11 Case D accompanying IFRS 15. For contracts that require an acceptance by a customer of the good or service in question, the entity does not consider a performance obligation to be satisfied until such acceptance is obtained. Example – Volume discount incentive This is an adaptation from IFRS 15, Illustrative examples, Example 24. [IFRS 15:50] Variable consideration can arise, for example, as a result of discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties or other similar items. Activities that do not transfer a good or service to a customer are not a performance obligation even though they may be necessary to fulfil a contract (IFRS 15.25). Inline XBRL; ZIP; Example 16: Financial assets & … restricted contractually from readily directing the asset for another use during the creation or enhancement of that asset or. Variable consideration is also present if an entity’s right to consideration is contingent on the occurrence of a future event. take stock – to pull together, in one place, what we have learned about this new world of revenue recognition. Ce prix global est alors reconnu en chiffre d’affaires par étalement sur la durée du contrat. Connection fee is not a distinct service and does not constitute a separate performance obligation as it does not result in a transfer of goods or services to the customer. Reporting revenue under IFRS 15 is now one of the ordinary activities of companies in the 100+ countries that use IFRS Standards. Scope and sample 4 3. See Example 11 Cases A/E, Example 12 and Example 56 Case A accompanying IFRS 15. Paragraph IFRS 15.BC100 notes that the assessment of whether the customer can benefit from the goods or services on its own should be based on the characteristics of the goods or services themselves instead of the way in which the customer may use the goods or services. Consider a hypothetical example where Kinaxis renews (or newly signs) an on-premise agreement in Q1 19 with a customer for a three-year term and a $1 million annual subscription fee. Over the past five years, we – like you – have wrestled with the many challenges of implementing IFRS 15. It is then a matter of deciding when exactly a performance obligation is satisfied, which is the date when a customer obtains control of a promised good or service (‘an asset’) (IFRS 15.38). The entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced. 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