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IAS 18 Revenue in the notes?

Forums › FIA Forums › General FIA Forums › IAS 18 Revenue in the notes?

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by Ken Garrett.
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  • June 16, 2020 at 1:03 pm #573972
    Harb
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Are the notes up to date? The current syllabus follows IFRS 15. Are these notes based on 2018 Conceptual framework?

    June 16, 2020 at 1:44 pm #573982
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10606
    • ☆☆☆☆☆

    Thanks. Pages 10 and 11 of the notes need to be updated with respect to revenue recognition.

    P10: IAS 8 will change to IFRS15

    P11: IAS 18 will change to

    “IFRS 15 Revenue

    A performance obligation is a distinct promise to transfer specific goods or services, distinct from other goods or services.

    The point of revenue recognition is the point when performance obligation is satisfied, per each distinctive obligation. This might result in revenue recognition at a point in time or over time.”

    At the FA2 level, I don’t think more detail is needed.

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