Quality of Revenue Disclosures regarding IFRS15
The Quality of Revenue Disclosures regarding IFRS15; What are the influences of audit committee, board structure and the size of the firm?
Quality of Revenue Disclosures regarding IFRS15
The Quality of Revenue Disclosures regarding IFRS15; What are the influences of audit committee, board structure and the size of the firm?
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IFRS 15, Revenue from Contracts with Customers, is a new standard that outlines a single comprehensive framework for entities to use in accounting for revenue arising from contracts with customers. It supersedes current revenue recognition guidance including IAS 18 Revenue and IAS 11 Construction Contracts and related Interpretations.
The objective of IFRS 15 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer.
The core principle of IFRS 15 is that an entity will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This core principle is delivered in a five-step model:
Firstly, identify the contract(s) with a customer
Secondly, Identify the performance obligations in the contract
Thirdly, determine the transaction price
Further, allocate the transaction price to the performance obligations in the contract
Finally, recognize revenue when (or as) the entity satisfies a performance obligation.
IFRS 15 also includes a cohesive set of disclosure requirements that significantly expands the current disclosure requirements related to revenue recognition.
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