DOCSLIB.ORG

IFRS 15 Revenue from Contracts with Customers: Are You Ready for the “Big Change?”

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
IFRS 15 Revenue from Contracts with Customers: Are You Ready for the “Big Change?” Deloitte | A Middle East Point of View - Summer 2017 | IFRS 15 IFRS 15 Revenue from contracts with customers: Are you ready for the “Big Change?” 40 Deloitte | A Middle East Point of View - Summer 2017 | IFRS 15 41 Deloitte | A Middle East Point of View - Summer 2017 | IFRS 15 he recognition criteria of revenue What triggered the change? obligations and sets out the criteria for in accounting standards is about to IFRS 15 was a result of the convergence each of those rights and obligations. The T change—and your entity might be work between the International contract needs to have commercial significantly affected, maybe even more Accounting Standards Board (IASB), the substance and it is probable that the than you expect! body that promulgates IFRS, and the entity will collect the consideration to Federal Accounting Standards Board which it will be entitled. Revenue is one of, if not the most, critical (FASB), the standard setting body for US component of an entity’s financial GAAP (Generally Accepted Accounting Step 2 – Identify the performance statements. It is among the key Principles.) It was created to fill the gap obligations in the contract: a performance indicators of a business, between IFRS and US GAAP, provide a performance obligation in a contract is a monitored closely by different robust revenue fra mework, and improve promise (including implicit) to transfer a stakeholders including market analysts, comparability among reporting entities good or service to the customer. Each and often used in benchmarki ng different through consistent and extensive performance obligation should be players within the same industry. It also disclosure requirements. It also provides capable of being distinct and is has a direct impact on the calculation of guidance on a few of the gray areas on separately identifiable in the contract. income taxes. Accordingly, it is critical revenue recognition such as contracts that the accounting policy appropriately involving multiple elements, treatment of Step 3 – Determine the transaction captures the nature of the business, the costs to obtain and fulfill a contract, and price: transaction price is the amount of terms of agreements with customers, accounting for contract modifications. consideration that the entity can be and is in accordance with the applicable entitled to, in exchange for transferring accounting standards. the promised goods and services to a customer, excluding amounts collected on behalf of third parties. It is critical that the accounting policy Step 4 – Allocate the transaction price appropriately captures the nature of to the performance obligations in the contract: for a contract that has more the business, the terms of agreements than one performance obligation, the entity will allocate the transaction price to with customers, and is in accordance each performance obligation separately, in exchange for satisfying each with the applicable accounting performance obligation. The acceptable methods of allocating the transaction standards. price include: • Adjusted market assessment approach, • Expected cost plus a margin approach, What is the “Big Change?” What are the key changes? and, In May 2014, IFRS 15 (International The core principle is to recognize revenue • The residual approach in limited Financial Reporting Standards) Revenue as depicting “the transfer of goods or circumstances. Discounts given should from Contracts with Customers was services” to customers for an “amount be allocated proportionately to all issued. It established a single that reflects the consideration” to which performance obligations unless certain comprehensive model for entities to use the “entity expects to be entitled in criteria are met and reallocation of in accounting for revenue arising from exchange for those goods or services.” changes in standalone selling prices contracts with customers. IFRS 15 after inception is not permitted. supersedes the current revenue The Standard introduces a 5-step recognition standards including IAS 18 approach to revenue recognition: Step 5 – Recognize revenue as and Revenue, IAS 11 Construction Contracts when the entity satisfies a and their related interpretations. It will Step 1 – Identify the contract with a performance obligation: the entity become effective on 1 January 2018, with customer: a contract is defined as an should recognize revenue at a point in retrospective application, and early agreement (including oral and implied), time, exc ept if it meets any of the three adoption is permitted. between two or more parties, that criteria, which will require recognition of crea tes enforceable rights and revenue over time: 42 Deloitte | A Middle East Point of View - Summer 2017 | IFRS 15 • The entity’s performance creates or enhances an asset controlled by the It is interesting to understand why customer, • The customer simultaneously receives some of the big real estate players in and consumes the benefit of the entity’s performance as the entity performs, the region chose an early adoption • The entity does not create an asset that has an alternative use to the entity and of IFRS 15, and the majority of key the entity has the right to be paid for performance to date. telecommunication companies are Which industries will be most making significant investments to affected? Actual impact will vary on each specific assess its impact and have initiated customer contract and will depend on the accounting treatment prior to implementation plans even prior to implementation of IFRS 15. Also, depending on the industry and nature of the date of adoption of the Standard. the business, each of the five steps will have varying impact. price to each performance obligation How to p repare for the change based on an acceptable method. As such, An IFRS 15 impact assessment should be It is interesting to understand why some the amount of revenue to be recognized performed, which would include among of the big real estate players in the region under IFRS 15 will be significantly others, the review of existing contracts chose an early adoption of IFRS 15, and different than that recognized with the with customers and its related the majority of key telecommunication current accounting standards. accounting treatment, contract companies are making significant renegotiation and modification, to investments to assess its impact and Real estate and contract appropriately reflect the economic terms have initiated implementation plans even manufacturer industries of the transaction, the engagement of prior to the date of adoption of the These industries will be mostly affected legal and accounting advisors to better standard. by step (5) th at provides guidance as to interpret the terms of the agreement when an entity can recognize revenue as and the applicability of IFRS 15, Telecommunication, software it satisfies a performance obligation. For reconfiguration of front and back-end IT development, and automotive example, real estate companies currently systems to adhere to the standard’s industries recognize revenue upon the transfer of requirements, and other necessary These industries will be greatly affected risks and rewards to customers in changes to ensure readiness for IFRS 15 by steps (2) and (4) with respect to the accordance with the IFRS Interpretations adoption. unbundling of contracts and allocation of Committee (IFRIC) 15, which is practically total revenue to the unbundled parts. For upon completion of the project The complexities and extent of changes example, telecommunication companies development and handover of real estate will depend on the nature of the business do provide mobile plans that include a units to customers. With IFRS 15, real and the accounting policies and mobile handset, call minutes and data estate companies may now recognize procedures currently implemented. It is package. Currently, telecom companies revenue over time as they satisfy highly advisable to act now and do the account for revenue differently. Some performance obligations during the necessary assessment and collaborate companies treated the value of mobile construction period of the development with the experts on implementation handsets as a cost of acquiring the project. If the period of construction is plans to ensure that the entity will be customer, and recognize revenue based five years, the entity need not wait until ready when the “Big Change” comes. on the sale of monthly plans. Under IFRS the fifth year to recognize revenue, and 15, telecom companies are required to instead revenue may be recognized by Angelito Catacutan, Principal, Audit, identify the performance obligations based on the level of work completed for Deloitte, UAE included in the bundled contract (i.e. each year, provided that IFRS 15 criteria handset, call minutes and data packages) are met. and, accordingly, allocate the transaction 43.
Load more

Recommended publications
  • IATA Industry Accounting Working Group Guidance IFRS 15, Revenue from Contracts with Customers
    IATA Industry Accounting Working Group Guidance IFRS 15, Revenue from Contracts with Customers 2nd Edition Issued May 2018 IATA Industry Accounting Working Group Guidance IFRS 15, Revenue from Contracts with Customers NOTICE DISCLAIMER. This document has been compiled by the IATA Industry Accounting Working Group (IAWG), which consists of senior finance representatives from IATA member airlines. This working group’s mandate is to promote consistency in the application of International Financial Reporting Standards (IFRS) and to lobby accounting standard setters to take into consideration the interests of airlines globally. It is distributed with the understanding that IATA, the IAWG and its members, observers and advisors are not rendering accounting, legal or other professional services in this publication. If accounting, legal advice or other expert assistance is required, the services of a competent professional should be sought. The paper addresses a specific issue related to the adoption of IFRS 15, Revenue from Contracts with Customers. This paper is not intended to provide accounting advice or a definitive analysis of the underlying issue as fact patterns, regulatory environment, practices and interpretations may vary. The views taken should not be used as a substitute for referring to the standards and interpretations of IFRS or professional advice from your auditor or other professional accounting advisor. The information contained in this publication is subject to constant review in the light of changing government requirements and regulations. No subscriber or other reader should act on the basis of any such information without referring to applicable laws and regulations and/or without taking appropriate professional advice. Although every effort has been made to ensure accuracy, the International Air Transport Association shall not be held responsible for any loss or damage caused by errors, omissions, misprints or misinterpretation of the contents hereof.
    [Show full text]
  • IFRS 15 IFRS 15 Revenue from Contracts with Customers Is Issued
    IFRS 15 IFRS 15 Revenue from Contracts with Customers is issued by the International Accounting Standards Board (the Board). IFRS Standards together with their accompanying documents are issued by the International Accounting Standards Board (the “Board”). Disclaimer: To the extent permitted by applicable law, the Board and the IFRS Foundation (Foundation) expressly disclaim all liability howsoever arising from this publication or any translation thereof whether in contract, tort or otherwise (including, but not limited to, liability for any negligent act or omission) to any person in respect of any claims or losses of any nature including direct, indirect, incidental or consequential loss, punitive damages, penalties or costs. Information contained in this publication does not constitute advice and should not be substituted for the services of an appropriately qualified professional. Copyright © IFRS Foundation All rights reserved. Reproduction and use rights are strictly limited. Contact the Foundation for further details at [email protected]. Copies of IASB publications may be obtained from the Foundation’s Publications Department. Please address publication and copyright matters to: IFRS Foundation Publications Department 30 Cannon Street, London, EC4M 6XH, United Kingdom. Tel: +44 (0)20 7332 2730 Fax: +44 (0)20 7332 2749 Email: [email protected] Web: www.ifrs.org The IFRS Foundation logo, the IASB logo, the IFRS for SMEs logo, the “Hexagon Device”, “IFRS Foundation”, “eIFRS”, “IAS”, “IASB”, “IFRS for SMEs”, “IASs”, “IFRS”, “IFRSs”,
    [Show full text]
  • IFRS 9, Financial Instruments Understanding the Basics Introduction
    www.pwc.com/ifrs9 IFRS 9, Financial Instruments Understanding the basics Introduction Revenue isn’t the only new IFRS to worry about for 2018—there is IFRS 9, Financial Instruments, to consider as well. Contrary to widespread belief, IFRS 9 affects more than just financial institutions. Any entity could have significant changes to its financial reporting as the result of this standard. That is certain to be the case for those with long-term loans, equity investments, or any non- vanilla financial assets. It might even be the case for those only holding short- term receivables. It all depends. Possible consequences of IFRS 9 include: • More income statement volatility. IFRS 9 raises the risk that more assets will have to be measured at fair value with changes in fair value recognized in profit and loss as they arise. • Earlier recognition of impairment losses on receivables and loans, including trade receivables. Entities will have to start providing for possible future credit losses in the very first reporting period a loan goes on the books – even if it is highly likely that the asset will be fully collectible. • Significant new disclosure requirements—the more significantly impacted may need new systems and processes to collect the necessary data. IFRS 9 also includes significant new hedging requirements, which we address in a separate publication – Practical guide – General hedge accounting. With careful planning, the changes that IFRS 9 introduces might provide a great opportunity for balance sheet optimization, or enhanced efficiency of the reporting process and cost savings. Left too long, they could lead to some nasty surprises.
    [Show full text]
  • VALUE IFRS Plc Illustrative IFRS Consolidated Financial Statements December 2019
    VALUE IFRS Plc Illustrative IFRS consolidated financial statements December 2019 This publication presents the sample annual financial reports of a fictional listed company, VALUE IFRS Plc. It illustrates the financial reporting requirements that would apply to such a company under International Financial Reporting Standards as issued at 31 May 2019. Supporting commentary is also provided. For the purposes of this publication, VALUE IFRS Plc is listed on a fictive Stock Exchange and is the parent entity in a consolidated entity. VALUE IFRS Plc 2019 is for illustrative purposes only and should be used in conjunction with the relevant financial reporting standards and any other reporting pronouncements and legislation applicable in specific jurisdictions. Global Accounting Consulting Services PricewaterhouseCoopers LLP This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. About PwC At PwC, our purpose is to build trust in society and solve important problems. We're a network of firms in 158 countries with more than 250,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com © 2019 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. VALUE IFRS Plc Illustrative IFRS consolidated financial statements December
    [Show full text]
  • IAS 7 STATEMENT of CASH FLOWS Contents 1
    IFRS IN PRACTICE 2019-2020: IAS 7 STATEMENT OF CASH FLOWS Contents 1. Introduction 4 2. Definition of cash and cash equivalents 5 2.1. Demand deposits 5 2.2. Short term maturity 6 2.3. Investments in equity instruments 6 2.4. Changes in liquidity and risk 6 2.5 Cryptocurrencies 6 2.6 Short-term credit lending and cash and cash equivalent classification 7 3. Restricted cash and cash equivalent balances – disclosure requirements 8 3.1. Interaction with IAS 1 8 4. Classification of cash flows as operating, investing or financing 9 4.1. Operating activities 9 4.2. Investing activities 9 4.3. Financing activities 9 4.3.1. Disclosure of changes in liabilities arising from financing activities 10 4.4. Classification of interest and dividends 10 4.5. Common classification errors in practice 11 5. Offsetting cash inflows and outflows in the statement of cash flows 13 5.1. Effect of bank overdrafts on the carrying amount of cash and cash equivalents 13 5.2. Refinancing of borrowings with a new lender 14 6. Presentation of operating cash flows using the direct or indirect method 15 7. Income taxes and sales taxes 16 8. Foreign exchange 17 8.1. Worked example – foreign currency translation 17 9. Group cash pooling arrangements in an entity’s separate financial statements 20 10. Securities and loans held for dealing or trading 22 11. Classification of cash flows arising from a derivative used in an economic hedge 23 12. Revenue from Contracts with Customers 24 13. Leases 25 13.1. Payments made on inception of a lease 25 13.2.
    [Show full text]
  • Key Highlights of IFRS 15 and IFRS 9 for the Asset Management Sector
    HeadlineKey highlights Verdana of IFRSBold 15 and IFRS 9 for the asset management sector Malta Asset Management Forum 2018 27 November 2018 IFRS 15 A high level overview © 2018. For information, contact Deloitte Malta. Key highlights of IFRS 15 and IFRS 9 2 IFRS 15 – A high level overview Effective date The new revenue recognition standard is effective from 1 January 2018. Scope IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) prescribes the accounting requirements for all contracts to provide goods or services to customers, unless the contract falls within the scope of another IFRS. Core principle IFRS 15 provides five steps that entities need to follow in accounting for revenue transactions. Recognition Recognition Measurement Measurement Recognition Para. 22–30 Para. 9–21 Para. 46–72 Para. 73–90 Para. 31–45 Recognise Identify the Identify the Allocate the revenue when (or performance Determine the contract with a transaction price as) the entity obligations in the transaction price customer to performance satisfies a contract (Step 3) obligations performance (Step 1) (Step 2) (Step 4) obligation (Step 5) © 2018. For information, contact Deloitte Malta. Key highlights of IFRS 15 and IFRS 9 3 IFRS 15 – A high level overview Step 1 Step 2 Step 3 Step 4 Step 5 Step 1: Identify the contract A legally enforceable contract (including oral or implied) must meet ALL of the following requirements: Contracts are approved and the parties are committed to perform Each party’s rights can be identified Payment terms can be identified Commercial substance It is probable that the entity will collect the consideration to which it will be entitled A contract is outside the scope if: AND Each party can unilaterally terminate the The contract is wholly unperformed contract without compensation © 2018.
    [Show full text]
  • IFRS Example Consolidated Financial Statements 2019
    IFRS Assurance IFRS Example Global Consolidated Financial Statements 2019 with guidance notes Contents Introduction 1 19 Cash and cash equivalents 61 IFRS Example Consolidated Financial 3 20 Disposal groups classified as held for sale and 61 Statements discontinued operations Consolidated statement of financial position 4 21 Equity 63 Consolidated statement of profit or loss 6 22 Employee remuneration 65 Consolidated statement of comprehensive income 7 23 Provisions 71 Consolidated statement of changes in equity 8 24 Trade and other payables 72 Consolidated statement of cash flows 9 25 Contract and other liabilities 72 Notes to the IFRS Example Consolidated 10 26 Reconciliation of liabilities arising from 73 Financial Statements financing activities 1 Nature of operations 11 27 Finance costs and finance income 73 2 General information, statement of compliance 11 28 Other financial items 74 with IFRS and going concern assumption 29 Tax expense 74 3 New or revised Standards or Interpretations 12 30 Earnings per share and dividends 75 4 Significant accounting policies 15 31 Non-cash adjustments and changes in 76 5 Acquisitions and disposals 33 working capital 6 Interests in subsidiaries 37 32 Related party transactions 76 7 Investments accounted for using the 39 33 Contingent liabilities 78 equity method 34 Financial instruments risk 78 8 Revenue 41 35 Fair value measurement 85 9 Segment reporting 42 36 Capital management policies and procedures 89 10 Goodwill 46 37 Post-reporting date events 90 11 Other intangible assets 47 38 Authorisation
    [Show full text]
  • New IFRS 15 & IFRS 16 Standards the Impact on M&A Transactions
    New IFRS 15 & IFRS 16 standards | The impact on M&A transactions New IFRS 15 & IFRS 16 standards The impact on M&A transactions 0 New IFRS 15 & IFRS 16 standards | The impact on M&A transactions Contents Introduction 1 Executive summary 3 New revenue recognition standard – IFRS 15 5 New lease standard – IFRS 16 9 We can assist you in assessing impact of the new standards 13 Information included in this document provides a high level overview of the changes in accounting for revenue from contracts with customers and accounting for leases. For the full text we refer to the standards IFRS 15 and IFRS 16, for additional guidance please visit www.iasplus.com. 01 New IFRS 15 & IFRS 16 standards | The impact on M&A transactions What is the impact of new IFRS 15 & IFRS 16 standards on respectively revenue from contracts with customers and accounting for leases? 2 New IFRS 15 & IFRS 16 standards | The impact on M&A transactions Executive summary The purpose of this document is to summarise the bill and hold arrangements major impacts of the new IFRS 15 standard on warranty revenue from contracts with customers customer loyalty programs respectively the new IFRS 16 standard for leases modification of customer contracts during the on the reported financial statements. contract term slotting fees IFRS 15 contract manufacturing IFRS 15 is the new standard on revenue recognition. financing arrangements This standard may become a point of reference for real estate development investors. Implementation of IFRS 15 may significantly impact revenue and profitability levels and trends.
    [Show full text]
  • Revenue from Contracts with Customers a Guide to IFRS 15
    Revenue from Contracts with Customers A guide to IFRS 15 March 2018 This guide contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte Network”) is, by means of this guide, rendering professional advice or services. Before making any decision or taking any action that might affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this guide. © 2018. For information, contact Deloitte Touche Tohmatsu Limited. Extracts from International Financial Reporting Standards and other International Accounting Standards Board material are reproduced with the permission of the IFRS Foundation. Revenue from Contracts with Customers | A guide to IFRS 15 Foreword Foreword The IASB’s Standard IFRS 15 Revenue from Contracts with Customers is now effective (for periods beginning on or after 1 January 2018 with earlier adoption permitted). It is imperative that entities take time to consider the impact of the new Standard. In some cases, IFRS 15 will require significant changes to systems and may significantly affect other aspects of operations. (e.g. internal controls and processes, KPIs, compensation and bonus plans, bank covenants, tax etc.). This guide is intended to assist preparers and users of financial statements to understand the impact of IFRS 15. We begin with a high-level executive summary of the new requirements, followed by a specific focus on the important issues and choices available for entities on transition to the new Standard.
    [Show full text]
  • IFRS 9, 15, and 16 - a Leap Forward
    IFRS 9, 15, and 16 - a leap forward KPMG’s 2017 Annual report market watch June 2018 2 | IFRS 9, 15, and 16 - a leap forward IFRS 9, 15, and 16 - a leap forward Introduction The review has prompted our thoughts on key items With the introduction of IFRS 15 Revenue from Contracts for reporters to consider for 2018 reporting and beyond. with Customers (effective 1 January 2018), IFRS 9 Financial (refer to “things to consider”). Instruments (effective 1 January 2018), and IFRS 16 Leases (effective 1 January 2019), IFRS reporters currently face a Sample populations tide of change. The IFRS 15 and 16 analysis covers the 2017 annual reports of the top 75 Dutch listed companies2. Ahead of the adoption dates of these new standards, the European Securities and Markets Authority (ESMA)1 The IFRS 9 analysis focuses on corporate entities only. The published its expectations with regards to the level of detail impact on financial institutions is far greater and demands in companies’ transition disclosures as required its own separate review. We have therefore excluded such by IAS 8. entities from this analysis3. This has resulted in a sample size of 55 entities for IFRS 9. In this market watch publication, we have analysed the transition disclosures in the 2017 annual reports of 75 Dutch listed companies and summarised our key The analysis for each standard is presented separately. observations on the disclosure details, expected impact, and transition approach. IFRS 9: hedge accounting options available! The following observations regarding Expected impact IFRS 9 have followed from a review of the 2017 annual reports of 55 Dutch • 50 companies (91%) stated that the listed corporates: impact of IFRS 9 will be immaterial.
    [Show full text]
  • IFRS 15 Restatement
    Accounting Policy Changes IFRS15 ‘Revenue from contracts with customers’ – restatement of 2017 financial statements The Group has adopted IFRS15 on 1 January 2018. The standard sets out the requirements for recognising revenue from contracts with customers, and supersedes the current revenue recognition guidance including IAS 18 ‘Revenue’, IAS 11 ‘Construction Contracts’ and the related interpretations. The Group has applied the fully retrospective method when adopting IFRS15 which requires the restatement of the comparative periods presented in the financial statements. Below we have set out the expected impact of the restatement on the year ended 31 December 2017 financial statements and each quarter in 2017. Impact on the Consolidated Income Statement and Total Comprehensive Income (unaudited) ($ in millions) Reported 1 IFRS15 adj Restated Revenues 1,400.2 (8.5) 1,391.7 Other operating costs (212.1) 16.3 (195.8) EBITDA 731.5 7.8 739.3 Depreciation and amortisation (406.7) (5.1) (411.8) Operating profit 321.5 2.7 324.2 Financing income 6.5 1.3 7.8 Profit before tax 229.8 4.0 233.8 Tax (47.5) (1.3) (48.8) Profit after tax 182.3 2.7 185.0 Total comprehensive income 207.7 2.7 210.4 Quarterly impact in 2017: ($ in millions) Q1 Q2 Q3 Q4 Total Revenues (2.7) (1.8) (2.1) (1.9) (8.5) Other operating costs 4.3 3.4 4.1 4.5 16.3 EBITDA 1.6 1.6 2.0 2.6 7.8 Depreciation and amortisation (1.2) (1.0) (1.2) (1.7) (5.1) Operating profit 0.4 0.6 0.8 0.9 2.7 Financing income 0.3 0.3 0.3 0.4 1.3 Profit before tax 0.7 0.9 1.1 1.3 4.0 Tax (0.2) (0.2) (0.4) (0.5) (1.3) Profit after tax 0.5 0.7 0.7 0.8 2.7 Total comprehensive income 0.5 0.7 0.7 0.8 2.7 1.
    [Show full text]
  • IFRS Project Insights Leases
    IFRS Project Insights Leases The IASB and FASB (‘the Boards’) published a (vii) in June 2014, the Boards made decisions on (i) Discussion Paper (DP) setting out a proposed lessee subleases; (ii) lessee balance sheet presentation accounting model in March 2009. and (iii) cash flow presentation; The proposed accounting model has evolved since the (viii) in July 2014, the Boards made decisions on (i) sale issuance of the DP, although it has maintained the right of and leaseback transactions and (ii) lessor disclosure use model. The Boards finished re-deliberations in March requirements; 2015 and the final standard, which will be IFRS 16, is expected to be issued by the end of 2015. It will have an (ix) in October and December 2014, the Boards made effective date of 1 January 2019. Entities will be able to decisions on guidance to identify a customer’s apply IFRS 16 in earlier periods, provided that they are also right to direct the use of an asset; applying IFRS 15 Revenue from Contracts with Customers. (x) in November 2014, the IASB tentatively decided on The most significant developments to date in the consequential amendments to IAS 40 Investment project are: Updated Property; (i) in August 2010, the IASB and FASB issued Exposure (xi) in January 2015, the Boards made decisions on Draft ED/2010/09 Leases (ED) that proposed new lessee’s disclosure requirements; accounting models for lessors and lessees. The (xii) in February and March 2015, the IASB tentatively comment period ended on 15 December 2010. decided on (i) transition requirements
    [Show full text]