UK GAAP 2019

Chapter 20Revenue

• 1 INTRODUCTION
  • 1.1 Scope
• 2 COMPARISON BETWEEN SECTION 23 AND IFRS
  • 2.1 Differences to IFRS 15
    • 2.1.1 Combining contracts
    • 2.1.2 Contract modification
    • 2.1.3 Customer options
    • 2.1.4 Sale with a right of return
    • 2.1.5 Variable consideration
    • 2.1.6 Revenue recognised over time
    • 2.1.7 Licences of intellectual properties
    • 2.1.8 Warranties
    • 2.1.9 Contract costs
    • 2.1.10 Presentation and disclosures
• 3 REQUIREMENTS OF SECTION 23 FOR REVENUE
  • 3.1 Terms used by Section 23
  • 3.2 Measurement of revenue
    • 3.2.1 Discounts, rebates and sales incentives
    • 3.2.2 Principal versus agent
    • 3.2.3 Deferred payments
    • 3.2.4 Exchanges of goods and services
  • 3.3 Identification of the revenue transaction
    • 3.3.1 Separately identifiable components
    • 3.3.2 Loyalty awards
  • 3.4 Sale of goods
    • 3.4.1 Goods with a right of return
    • 3.4.2 ‘Bill and hold’ sales
    • 3.4.3 Goods shipped subject to conditions
    • 3.4.4 Layaway sales (goods delivered when final payment made)
    • 3.4.5 Payments in advance
    • 3.4.6 Sale and repurchase agreements
    • 3.4.7 Subscriptions to publications
    • 3.4.8 Consignment sales
  • 3.5 Rendering of services
    • 3.5.1 Contingent fee arrangements
  • 3.6 Percentage of completion method
    • 3.6.1 Installation fees
    • 3.6.2 Advertising commissions
    • 3.6.3 Insurance agency commissions
    • 3.6.4 Financial services fees
    • 3.6.5 Admission fees
    • 3.6.6 Tuition fees
    • 3.6.7 Initiation, entrance and membership fees
  • 3.7 Franchise fees
  • 3.8 Interest, royalties and dividends
    • 3.8.1 Licence fees and royalties
    • 3.8.2 Dividends
  • 3.9 Construction contracts ...