IFRS 15 Mind Map

IFRS 15
Nature
applies to all
Contracts with customers
Except
Presentation
Non-monetary exchanges between entities in the same life of business
Those financial instruments and other contractual obligations within the scope of
Those contracts within the score of
IFRS 9
IFRS 10
IFRS 11
IAS 27
IAS 28
IFRS 16
IFRS 17
Revenue
Income arising from
Ordinary course of business
Disclosure
Measurement
Recognition
Transaction price
1. Variable consideration
2. Financing
3. Non-cash
4. Payable to customer
Explicitly written in the contract
Receivables should be reflected
Measured at fair value
Reduction in transaction price and revenue
If cannot be determined:
Silent on measurement date
Stand-alone selling price
Not explicitly stated in the contract
Result:
Implicit price concession subsequent impairment loss
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