Statements (53)
| Predicate | Object |
|---|---|
| gptkbp:instance_of |
gptkb:standard
|
| gptkbp:bfsLayer |
3
|
| gptkbp:bfsParent |
gptkb:standard
|
| gptkbp:amended_by |
subject to amendments and updates
|
| gptkbp:applies_to |
all contracts with customers
|
| gptkbp:consequences |
addresses variable consideration in contracts
|
| gptkbp:contract |
affects how contracts are structured
guidance on capitalizing costs provides guidance on how to handle modifications recognizes contract assets recognizes contract liabilities |
| gptkbp:developed_by |
gptkb:International_Accounting_Standards_Board
|
| gptkbp:economic_impact |
affects revenue forecasting practices
may affect tax revenue recognition may impact financial ratios |
| gptkbp:effective_date |
January 1, 2018
|
| gptkbp:financial_performance |
affects revenue recognition
|
| gptkbp:first_ascent |
Identify the contract with a customer
Allocate the transaction price to the performance obligations |
| gptkbp:global_presence |
widely adopted internationally
|
| https://www.w3.org/2000/01/rdf-schema#label |
IFRS 15
|
| gptkbp:industry |
applicable across various industries
provides industry-specific guidance |
| gptkbp:is_a_framework_for |
five-step model
|
| gptkbp:is_compared_to |
compared with USGAAP
|
| gptkbp:is_implemented_in |
may face implementation challenges
|
| gptkbp:is_reviewed_by |
subject to periodic review
|
| gptkbp:mandates |
goods, services, licenses
satisfied over time or at a point in time |
| gptkbp:migration |
full retrospective or modified retrospective approach
|
| gptkbp:number_of_stages |
Determine the transaction price
Recognize revenue when the entity satisfies a performance obligation |
| gptkbp:objective |
to establish principles for reporting the nature, amount, timing, and uncertainty of revenue and cash flows
to provide useful information to users |
| gptkbp:outcome |
includes case studies for practical application
|
| gptkbp:presented_by |
affects financial statement presentation
|
| gptkbp:principal |
guidance on principal versus agent considerations
|
| gptkbp:provides_information_on |
provides guidance on contract modifications
|
| gptkbp:regulatory_compliance |
has implications for audit practices
mandatory for IFRS reporters |
| gptkbp:related_concept |
gptkb:IFRS_16
|
| gptkbp:related_works |
accompanied by various publications and guides
|
| gptkbp:replaced_by |
IAS 18
|
| gptkbp:reports_to |
qualitative and quantitative information
|
| gptkbp:revenue |
control transfer
depends on performance obligation satisfaction |
| gptkbp:sequel |
Identify the performance obligations in the contract
|
| gptkbp:set_in |
entities that report under IFRS
|
| gptkbp:significance |
requires significant judgment in certain areas
|
| gptkbp:sponsor |
involves stakeholder feedback in updates
|
| gptkbp:title |
Revenue from Contracts with Customers
|
| gptkbp:training |
available training resources for implementation
requires training for implementation |