Example: Construction contracts under IFRS 15
How to account for construction contracts under IFRS 15? Learn here on a complex solved example with calculations and journal entries!
How to Account for Customer Incentives under IFRS
Buy one, get one free… Discounts on future purchases… Coupons for free products… Loyalty points… Sounds familiar? Well, if you work in a company that sells some products or services to individuals or general public (not the other businesses), then you probably use some “carrots…
Accounting for discounts under IFRS
Last update: July 2023 Discounts are probably the most popular selling tool in business. Without a doubt, many companies discount the price for their products or services in various forms, for example: Buy 1, get 1 free (and modifications), Get 10% off for purchases over…
Principal or Agent – Revenue or Liability?
Last update: July 2023 A few weeks ago I published an article about top 3 dilemmas with your auditors and I wrote the story about a company selling mobile phone credits via its machines. I explained that the company served as a medium of sale…
IFRS 15 Revenue from Contracts with Customers – Summary
In the past few years, the revenue recognition rules changed dramatically with introduction of the new standard IFRS 15. All affected companies face a lot of challenges and work related to the proper implementation of the new standard. In today’s article, I’d like to point…
The Best of CPDbox 2015
The year-end is coming closer and closer; the closings have already started to push their pressure on all of us, the exam season approaches and we live the busy lives. I know that this part of the year is usually the second busiest for any…
IFRS 15 Examples: How IFRS 15 Affects Your Company
IFRS 15 Contracts with Customers introduced a huge change and a very difficult challenge for almost every single company. After I wrote a couple of articles about IFRS 15 here and here, and after I discussed with some of my friends CFOs or auditors, there…
IFRS 15 vs. IAS 18: Huge Change Is Here!
How does IFRS 15 change revenue recognition? Does it affect YOU? You’ll find a clear explanation and its comparison with IAS 18 on a numerical example here!
IAS 18 Revenue
The world today is packed with different kinds of products, services, transactions and many other activities that people and business do. Logically, it is sometimes very tough issue for accountants to determine WHEN and even WHETHER to recognize revenue in the financial statements. That’s exactly…
US GAAP vs IFRS
IFRS and US GAAP come closer to each other and the dream was to have a single set of the reporting standards until 2015. Now we know that that dream did not come true and there is still a long way to go. Until then, there…
