International GAAP 2020

Chapter 27Revenue: introduction and scope

• 1 INTRODUCTION
  • 1.1 The distinction between income, revenue and gains
• 2 IFRS 15 – OBJECTIVE, EFFECTIVE DATE AND TRANSITION
  • 2.1 Overview of the standard
    • 2.1.1 Core principle of the standard
    • 2.1.2 Changes to the standard since issuance
  • 2.2 Effective date
  • 2.3 Transition methods in IFRS 15
    • 2.3.1 Full retrospective adoption
    • 2.3.2 Modified retrospective adoption
  • 2.4 Adopting IFRS 15 as part of first-time adoption of IFRS
    • 2.4.1 Definition of a completed contract
    • 2.4.2 Implementation questions on definition of a completed contract
      • 2.4.2.A Elements in a contract to be considered
      • 2.4.2.B Identification of a contract under legacy GAAP
      • 2.4.2.C Determination whether all goods or services have been transferred
      • 2.4.2.D Some or all of revenue has not been recognised under legacy GAAP
      • 2.4.3 Applying the optional transition practical expedients
      • 2.4.3.A Consequences of applying transition practical expedients: accounting for completed contracts excluded from transition
  • 2.5 Definitions
• 3 IFRS 15 – SCOPE
  • 3.1 Scope of IFRS 15
• 3.1.1 Non-monetary exchanges

• • 3.2 Other scope considerations
  • 3.3 Definition of a customer
  • 3.4 Collaborative arrangements
  • 3.5 Interaction with other standards
    • 3.5.1 Application questions on scope
      • 3.5.1.A Islamic financing transactions
      • 3.5.1.B Certain fee-generating activities of financial institutions
      • 3.5.1.C Credit card arrangements
      • 3.5.1.D Credit card-holder rewards programmes
      • 3.5.1.E Contributions
      • 3.5.1.F Fixed-odds ...