IFRS 15 Revenue from Contracts with Customers
IFRS 15 Revenue from Contracts with Customers
YOUR QUESTIONS ANSWERED
March 1, 2015
IFRS
IN COLLABORATION WITH:
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IFRS 15 Revenue from Contracts with Customers
YOUR QUESTIONS ANSWERED
March 1, 2015
IFRS
IN COLLABORATION WITH:
DISCLAIMER
This paper was prepared by the Chartered Professional Accountants of Canada (CPA Canada) as non-authoritative guidance. CPA Canada and the authors do not accept any responsibility or liability that might occur directly or indirectly as a consequence of the use, application or reliance on this material.
? 2015 Chartered Professional Accountants of Canada All rights reserved. This publication is protected by copyright and written permission is required to reproduce, store in a retrieval system or transmit in any form or by any means (electronic, mechanical, photocopying, recording, or otherwise). For information regarding permission, please contact permissions@cpacanada.ca Cataloguing information is available from the National Library of Canada.
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Table of Contents
Notice to Reader
1
Acknowledgements
3
Introduction
4
Background
6
Responses to Questions
8
Scope
8
1. Scope
8
What is the scope of IFRS 15?
8
Step 1--Identify the Contract(s) with a Customer
10
2. Collectability
10
One of the five criteria that must be met for a contract to exist is that it is
probable the entity will collect the consideration to which it is entitled. What
does this mean and how is this applied?
10
Step 2--Identify the Performance Obligations in the Contract
11
3. Promised Goods or Services
11
IFRS 15 refers to a "performance obligation" as a promised good or service
(i.e., promise in a contract) that is distinct. How should a promised good or
service be identified?
11
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