因为文章很长，且用词重复多，为方便阅读理解，译者对原文进行了改编和一些简化，比如：Financial Statements=FS; Standard=Std; Goodor Service = G/S简译“商务”，with=w/,without=w/o, management=mgt, 不解释IASB、FASB等会计人士默认熟悉的组织。同时，在翻译过程中，译者参考了专业组织文献如《德勤会计聚焦》等，并从中摘选了一些图片。
On 28 May 2014, IASB, as a result of the joint project w/ FASB, issued IFRS 15, Revenue from Contracts w/ Customers. Application of IFRS15 is mandatory for annual reporting periods starting from 1Jan 2017 (though there is currently a proposal to defer to 1 Jan 2018)& earlier application is permitted.
In line w/ ACCA’s established rule,accounting stds issued by 1 Sept in a given year are examinable from 1Sept in the following year, so IFRS15 are examinable in P2 from Sept 2015.
Historically, there has been a significant divergence in practice over the recognition of revenue, mainly because IFRS have contained limited guidance in certain areas. The original IAS18, Revenue,was issued in 1982 w/ a significant revision in 1993, however, IAS18 was not fit for purpose in today’s corporate world as the guidance available was difficult to apply to many transactions. The result was that some companies applied US GAAP when it suited their needs.
Users often found it difficult to understand the judgments & estimates made by an entity in recognising revenue, partly because of the ‘boilerplate’ nature of the disclosures. As a result of the varying recognition practices, the nature & extent of the impact of IFRS15 will vary between entities & industries. For many transactions, such as those in retail, IFRS15 will have little effect but there could be significant change to current practice in accounting for long-term & multiple-element contracts.
IFRS 15 replaces the following stds & interpretations:IFRS15生效后，以下准则和解释将被取代：
IAS11,Construction Contracts国际会计准则第11号 建造合同
IFRIC13,Customer Loyalty Programs国际财务报告解释公告第13号客户忠诚度计划
IFRIC15,Agreements for the Construction of Real Estate国际财务报告解释公告第15号房地产建造协议
IFRIC18,Transfer of Assets from Customers国际财务报告解释公告第18号客户转让资产
SIC31,Revenue – Barter Transactions Involving Advertising Services解释公告第31号收入：涉及广告服务的易货交易
One effect of this for the ACCA exams is that construction contracts are no longer an excluded topic in P2. 从此，建筑合同将成为P2考试内容
The core principle of IFRS15 is that an entity shall recognise revenue from the transfer of promised G/S to customer sat an amount that reflects the consideration to which the entity expects to be entitled in exchange for G/Ss. IFRS15 introduces a 5-step model to recognize revenue.The model applies to revenue earned from a contract with a customer with limited exceptions, regardless of the type of revenue transaction or the industry.
IFRS15核心原则是: 企业向客户转让商务时确认收入，确认的金额应反映主体因交付该商务而有权获得的金额。企业确认收入时遵循5步法, 不分具体交易或行业，少有例外。
1、Identify contract with customer. Contracts may bein different forms (written, verbal or implied), but must be enforceable, have commercial substance & be approved by the parties to the contract. The model applies once the payment terms for G/S are identified & it is probable that the entity will collect the consideration. Each party’s rights related to G/S have to be capable of identification. If a contract with a customer does not meet these criteria, the entity can continually reassess the contract to determine whether it subsequently meets the criteria.
2、or more contracts that are entered into around the same time with the same customer may be combined & accounted foras a single contract, if they meet the specified criteria. IFRS15 provid esdetailed requirements for contract modifications. A modification may be accounted for as a separate contract or as a modification of the original contract, depending on the circumstances.
2．Identify separate Performance Obligations （PO）, often referred to as unbundling & isdone at the beginning of a contract. The key factor in identifying a separate PO is the distinctiveness of G/S, or abundle of G/S. A G/S is distinct if the customer can benefit from G/S on itsown or together with other readily available resources & it is separately identifiable from other elements of the contract. A series of distinct G/S thatare substantially the same with the same pattern of transfer, are regarded as a single PO. A G/S delivered may notbe distinct if it cannot be used w/o another G/S not yet delivered. Similarly,G/Ss that are not distinct should be combined with other G/S until the entity identifies a bundle of G/S that is distinct. IFRS15 provides indicators NOT criteria to determine the distinctiveness in the contract. This allows management to apply judgment to determine the Separate POs that best reflect the economic substance of a transaction.
3. Determine the transaction price, the amount of consideration that an entity expects to be entitled to exchange the promised G/S. This amount excludes amounts collected on behalf of a 3rd party, e.g. government taxes. An entity must determine the amount of consideration to which it expects to be entitled to recognise revenue.
The price might include variable orcontingent consideration. Variable consideration(VC) should be estimated as either the expected value(EV) or the most likely amount. The EV approach represents the sum of probability-weighted amounts for various possible outcomes. The most likely amount represents the most likely amount in a range of possible amounts. Mgt should use the approach that will best predict the amount of consideration & apply consistently throughout the contract. An entity can only include VC in the price to the extent that it is highly probable that a subsequent change in the estimated VC will not result in a significant revenue reversal. If it is not appropriate to includeall of the VC in the price, the entity should assess whether it should includepart of the VC. However, this latter amount still has to pass the revenue reversaltest.VCis wider than simply contingent consideration as it includes any amount that is variable under a contract, such as performance bonuses or penalties.
Additionally, an entity should estimate theprice, considering non-cash consideration ,consideration payable to the customer & the time value of money if a significant financing component is present. The latter is not required if the time period between thetransfer of G/S & payment is less than 1 year.
In some cases, it will be clear that asignificant financing component exists due to the terms of the arrangement. In other cases, it’s difficult to determine whether a significant financing component exists. This is likely when there are long-term arrangements with multiple performance obligations(PO) such that G/Ss are delivered & cash payments received throughout the arrangement. E.g., if an advance payment is required for business purposes toobtain a longer-term contract, then the entity may conclude that a significant financing obligation does not exist.
If an entity anticipates that it may ultimately accept an amount lower than that initially promised in the contract due to, e.g. past experience ofdiscounts given, then revenue would be estimated at the lower amount with the collectability of that lower amount being assessed. Subsequently, if revenue already recognised is not collectable, impairment losses should be taken to profit or loss.
4. Allocate transaction price to separate POs, based on relative standalone selling prices of G/S promised & is made at the inception of the contract. It is not adjusted to reflect subsequent changes in the standalone selling prices of those G/Ss.
The best evidence of standalone selling priceis the observable price of a G/S when the entity sells that G/Sseparately. If that is not available, an estimate is made by using an approach that maximises the use of observable inputs – e.g., expected cost plus an appropriate margin or the assessment of market prices for similar G/S adjusted for entity-specific costs & margins or in limited circumstances a residual approach. The residual approach is different from the residual methodthat is used currently by some entities, such as software companies.
When a contract contains more than onedistinct PO, an entity should allocate the price to each distinct PO on the basis of the standalone selling price. Where the price includes a variable amount & discounts, it is necessary to establish whether these amounts relate to all or only some of the POs in the contract. Discounts & VC will typically be allocated proportionately to all of the POs in the contract.However, if certain conditions are met, they can be allocated to one or more separate POs.
This will be a major practical issue as it may require a separate calculation & allocation exercise to be performed for each contract. E.g. a mobile telephone contract typically bundles together the handset & network connection & IFRS15 will require their separation.
5. Recognize revenue as each PO is satisfied. This differs from IAS18 where, e.g., revenue of goods is recognised when the significant risks & rewards of ownership are transferred. Anentity satisfies a PO by transferring control of a promised G/S to the customer, which could occur over time or at a point in time. The definition of control includes the ability to prevent others from directing the use of & obtaining the benefits from the asset.
步骤5：履行每项履约义务时确认收入。IAS18要求在商品所有权上的重大风险和报酬转移时确认收入。IFRS15要求在履约业务得到履行时确认收入 --- 控制权转移的时候，可以是一个时期也可以是一个时点。而控制权的定义包括“阻止他人主导使用以及获得资产收益的能力”
A PO is satisfied at a point in time unless it meets one of the following criteria, in which case, it is deemed to besatisfied over time:
The customer simultaneously receives & consumes the benefits provided by the entity’s performance as the entity performs.
The entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced.
The entity’s performance does not create an asset with an alternativeuse to the entity & the entity has an enforceable right to payment for performance completed to date.
Revenue is recognised in line with the pattern of transfer. Whether an entity recognises revenue over the period during which it manufactures a product or on delivery to the customer will depend on the specific terms of the contract. If an entity does not satisfy its PO over time, it satisfies it at a point in time & revenue will be recognised when control is passed at that point in time. Factors that may indicate the passing of control include the present right to payment for the asset or the customer has legal title to the asset or the entity has transferred physical possession of the asset。
As a consequence of the above, the timing of revenue recognition may change for some point-in-time transactions when the newstd is adopted.
In addition to 5-step model, IFRS15 sets outhow to account for the incremental costs of obtaining a contract & the costs directly related to fulfilling a contract & provides guidance to assist entities in applying the model to licences, warranties,rights of return, principal-vs-agent considerations, options for additional G/S& breakage.
IFRS15 is a significant change from IAS18 & eventhough it provides more detailed application guidance, judgment will berequired in applying it because the use of estimates is more prevalent. For exampurposes, you should focus on understanding the principles of the 5-step model so that you can apply them to practical questions.