IFRS 15 Revenue from Contracts with Customers - Deloitte US

IFRS 15 Revenue from Contracts with Customers

YOUR QUESTIONS ANSWERED

March 1, 2015

IFRS

IN COLLABORATION WITH:

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IFRS 15 Revenue from Contracts with Customers

YOUR QUESTIONS ANSWERED

March 1, 2015

IFRS

IN COLLABORATION WITH:

DISCLAIMER

This paper was prepared by the Chartered Professional Accountants of Canada (CPA Canada) as non-authoritative guidance. CPA Canada and the authors do not accept any responsibility or liability that might occur directly or indirectly as a consequence of the use, application or reliance on this material.

? 2015 Chartered Professional Accountants of Canada All rights reserved. This publication is protected by copyright and written permission is required to reproduce, store in a retrieval system or transmit in any form or by any means (electronic, mechanical, photocopying, recording, or otherwise). For information regarding permission, please contact permissions@cpacanada.ca Cataloguing information is available from the National Library of Canada.

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Table of Contents

Notice to Reader

1

Acknowledgements

3

Introduction

4

Background

6

Responses to Questions

8

Scope

8

1. Scope

8

What is the scope of IFRS 15?

8

Step 1--Identify the Contract(s) with a Customer

10

2. Collectability

10

One of the five criteria that must be met for a contract to exist is that it is

probable the entity will collect the consideration to which it is entitled. What

does this mean and how is this applied?

10

Step 2--Identify the Performance Obligations in the Contract

11

3. Promised Goods or Services

11

IFRS 15 refers to a "performance obligation" as a promised good or service

(i.e., promise in a contract) that is distinct. How should a promised good or

service be identified?

11

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