At BDO, we can help you embrace these opportunities and address the challenges. When a contract modification is approved, it creates or changes the enforceable rights and obligations of the parties to the contract. 53 . The refurbishment work is completed by 31 December 2019. Reporting revenue under IFRS 15 is now one of the ordinary activities of companies in the 100+ countries that use IFRS Standards. The requirements of IFRS 15 apply to each contract that has been agreed upon with a customer and meets specified criteria. Costs to fulfil a contract. include specific guidance on the accounting for onerous contracts or on other contract losses. This may be described as a change order, a variation, or an amendment. Transition. The new revenue standard will replace the construction contract guidance and substantially all existing revenue recognition guidance under IFRS and US GAAP. For example, if the garage is completed first, revenue would be recognised earlier than for the house. However, a practical expedient allows an entity to expense such costs as incurred if the amortisation period of the asset is one year or less. Construction Co should recognise its revenue over time because the third criterion in IFRS 15, paragraph 35(c) is met. BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. BDO has an extensive and diverse range of food and agribusiness clients, from producers to retailers and everything in between. BDO is a specialised automotive service provider assisting franchised dealers, manufacturers and industry associations with a wide range of financial and consulting services. These activities can be dealt with under one contract or be separated into various sub-contracts. For companies with real estate development, property management or construction activities, IFRS 15 replaces several familiar standards and provides significant new guidance in a number of key areas. New accounting standards mean that construction companies need to pay attention to when they recognize revenue. It includes the reasons for accepting particular views and rejecting others. BDO’s Real Estate and Construction professionals are ready to... It’s our job to stay on top of changes in the fast-paced retail sector. Construction | IFRS 15 Revenue – Are you good to go? take stock – to pull together, in one place, what we have learned about this new world of revenue recognition. If this is the case, these other standards should be applied to account for these costs (IFRS 15.96). c. the customer pays a portion of the purchase price for the real estate unit as the unit is being constructed, and pays the remainder (a majority) after construction is complete. BDO’s Real Estate and Construction professionals are ready to... It’s our job to stay on top of changes in the fast-paced retail sector. The general principle is that revenue is recognised at a point in time. Example: contract liability and trade receivable. You are attempting to documents.. How should these be accounted for in the context of IFRS 15? Answer For example, a construction company can be engaged to provide design and engineering services as well as the actual construction. BDO’s Healthcare team has the knowledge, expertise and resources to help navigate this complex and integrated new world. At 30 June 2017, Construction Co had incurred 50% of costs and their senior project manager estimated they had completed 50% of the build. Some of the practical implications on systems and processes for Construction Co include: Subscribe to receive the latest BDO News and Insights. Does the customer have legal title to the asset? To make your more manageable, we have automatically split your selection into separate batches of up to 25 documents.. batch Even the construction itself could be seen as comprising many component services such as site clearance, foundations, procurement, construction of the structure, piping and wiring, etc. Should the revenue from each of these contracts be kept separate and accounted for separately, or should the contracts be combined? What are the transition options under IFRS 15… The project manager’s estimate would not be appropriate as it is merely an estimate while the costs are actually known. The ship has no alternative use as it has been built to Customer A’s specific requirements, and. Revenue recognition in a real estate contract (IFRS 15 Revenue from Contracts with Customers) ... price after construction is complete. Contents IFRS 15 Revenue from Contracts with Customers Illustrative Examples IE1 Identifying the contract IE2 - IE17Contract modifications IE18 - IE43Identifying performance obligations IE44 - IE65A IFRS 15 replaces the following standards and interpretations: IAS 18 Revenue, IAS 11 Construction Contracts SIC 31 Revenue – Barter Transaction Involving Advertising Services IFRIC 13 Customer Loyalty Programs IFRS 15 Agreements for the Construction the conclusions in their standards, IFRS 15 Revenue from Contracts with Customers and Topic 606, which is introduced into the FASB Accounting Standards Codification® by the Accounting Standards Update 2014-09 Revenue from Contracts with Customers. BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. Trends are shifting in the real estate and construction industry. To find out more, see our Cookies Policy Terms & Conditions Articles. ILLUSTRATIVE EXAMPLES (see separate booklet) APPENDIX Amendments to the guidance on other Standards IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS IFRS Foundation 4. International Financial Reporting Standard 15 Revenue from Contracts with Customers (IFRS 15) is set out in paragraphs 1–129 and Appendices A–D. Consequently, and particularly if an input method is being used for the purposes of revenue recognition, in many cases the vendor would recognise an equal amount of revenue and cost of sales for the elevators, with profit margin only being recognised on the construction and installation services. c. the customer pays a portion of the purchase price for the real estate unit as the unit is being constructed, and pays the remainder (a majority) after construction is complete. Liability limited by a scheme approved under Professional Standards Legislation. The ship was completed on 31 December 2017. How would the timing of the revenue recognised differ if the contracts were accounted for separated and combined? IFRS 15 takes the view that although it is appropriate to recognise revenue from the sale of the elevators at the point at which control is transferred to the customer, it is not appropriate to recognise profit. © 2020 BDO Australia Ltd. All rights reserved. We know that not-for-profit organisations are founded upon strong relationships. However, if any of the criteria in IFRS 15, paragraph 35 are met, revenue should be recognised over time. Back to Course Next Lesson. Question This is because the vendor’s performance obligations are in connection with the construction of the building and the installation of items such as elevators; the supply of components does not result in any part of that service being provided. 25. The power of industry experience is perspective - perspective we bring to help you best leverage your own capabilities and resources. • IFRS 15 is principles-based, consistent with legacy revenue requirements, Construction Co also assesses that they have two separate performance obligations, because they will complete and handover the house 3 months before the completion of the garage. Construction Co would have processed the following journal entry as they incurred the construction costs during the year ended 30 June 2017: The journal entries at 30 June 2017 in relation to the revenue recognised is as follows: There would be similar treatment under IAS 11, however, there are more specific requirements under IFRS 15. The maximum number of documents that can be ed at once is 1000. It started a contract for the construction of a school building for one of its client, spanning 2 years. Building Co therefore excludes from an input method the effects of any inputs that do not depict the entity’s performance in transferring control of goods or services to the customer, i.e. How should Building Co account for this arrangement as at 31 December 2018? A good or service which has been delivered may not be distinct if it cannot be used without another good or service that has not yet been delivered. IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers and SIC-31 Revenue – Barter Transaction involving Advertising Services. BDO has an extensive and diverse range of food and agribusiness clients, from producers to retailers and everything in between. They were negotiated together and a discount was given on the garage build as Construction Co would already have the necessary equipment on site from the house construction, and could also build the foundations simultaneously with the house. The following decision should be used to determine whether multiple contracts should be combined or not: Question Back to Course Next Lesson. Big Bed enters in a contract with a customer to sell beds for $400 per bed on 1 January 2017. Example 2: (Contracts for which outcome is not reliably measurable) AB LTD is an entity engages in construction business. The amount is payable on completion. To find out more, see our Cookies Policy Terms & Conditions Articles. 03 Revenue from Contracts with Customers | A guide to IFRS 15 Foreword. Deleted text is struck through and new text is underlined. BDO’s financial services team members come from a variety of exceptional backgrounds, blending their experience to develop new insights and add real value to your business. The new standard, IFRS 15, Revenue from Contracts with Customers, replaces the accounting guidance in IAS 11 Construction Contracts, and affects annual reporting periods that begin on or after 1 January 2018. 53 EXAMPLE: MODIFICATION OF A CONTRACT FOR GOODS 55 EXAMPLE: MODIFICATION OF A CONTRACT TO CONSTRUCT A BUILDING56 Transition 57 25. Paragraphs in bold … Consequently, any inputs that do not relate directly to the vendor’s performance in transferring those goods and services are excluded when measuring progress to date. It is commonly measured through the cost-to-cost method. 53 . In essence, the majority of construction contracts will include a significant service of integrating the separate parts and therefore only contain one performance obligation. This is an adaptation from IFRS 15, Illustrative examples, Example 24. Answer • IFRS 15 is principles-based, consistent with legacy revenue requirements, Simple explanation of IFRS 15 Construction Contracts that should cover most exam questions. At 30 June 2019, the entity has incurred costs of $200,000 in relation to the house and $5,000 in relation to the garage. In the construction industry it is very common for an entity to provide multiple goods or services to one customer or related parties of a customer. recognition – IFRS 15 ‘Revenue from Contracts with Customers’ (ASU 2014-09 in the US). The standard provides a single, principles based five-step model to be applied to all contracts with customers. In May 2014, IFRS 15 (International Financial Reporting Standards) Revenue from Contracts with Customers was issued. It is noted explicitly that when input methods are used, there may not be a direct relationship between the inputs being used, and the transfer of goods or services to a customer. At BDO, we can help you embrace these opportunities and address the challenges. The manufacturing and wholesale sector covers many industries and product lines. BDO understands the unique audit, tax and advisory requirements of the not-for-profit sector, which comes from our experience in acting for the sector over many years. Revenue would be recognised as follows: The common practice under IAS 11 would be to account for these two contracts separately and recognise the revenue for both the house and garage on a percentage of completion basis. BDO’s Natural Resources team has deep industry experience and global resources in all of the world’s mining, oil and gas centres to help you navigate complex landscapes, both at home and abroad. So your request will be limited to the first 1000 documents. The method recognizes revenues and expenses in proportion to the completeness of the contracted project. In May 2014, IFRS 15 (International Financial Reporting Standards) Revenue from Contracts with Customers was issued. IAS 18 Revenue and IAS 11 Construction Contracts, and the related Interpretations on revenue recognition: IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers and SIC-31 Revenue— Barter Transactions Involving Advertising Services. Big Bed enters in a contract with a customer to sell beds for $400 per bed on 1 January 2017. On 1 January 20X1 Entity A enters into a contract with Customer X to manage his information technology data … Our Tourism, Leisure & Hospitality (TLH) team provides specialist accountancy and business advisory expertise to a wide variety of businesses across the Sports and Leisure, Hotels and Tourism and Pubs and Clubs sectors. After I wrote a couple of articles about IFRS 15 here and here, and after I discussed with some of my friends CFOs or auditors, there are two types of reactions:. Accounting for contract costs, such as pre-contract costs and costs to fulfill a contract The revenue standards (ASC 606 and IFRS 15, Revenue from Contracts with Customers) will replace substantially all revenue guidance under US GAAP and IFRS, including the industry-specific guidance for construction-type and production-type contracts. The maximum number of documents that can be ed at once is 1000. Free IFRS Quizzes IFRS 15 – Revenue from Contracts with Customers Quiz ) , () ) Previous Lesson. See also Example 37 accompanying IFRS 15. However, timing of revenue recognition for both parts is not necessarily the same. To make your more manageable, we have automatically split your selection into separate batches of up to 25 documents.. batch In some cases, IFRS 15 requires an entity to combine contracts and account for them as one contract. Assume Building Co qualifies for ‘over time’ revenue recognition under IFRS 15, paragraph 35(c), and recognises revenue using an ‘input method’ to determine percentage of completion. If the customer purchases more than 1000 beds in a calendar year, the contract states that the price per unit is … Does the customer have significant risks and rewards of ownership of the asset? Existing standards IAS 18 Revenue and IAS 11 Construction Contracts contain only limited guidance, mainly on applying the percentage of completion method (under which contract revenue and costs are recognised with reference to the stage of completion). Costs on the contract comprise: The elevator is delivered by Building Co to the customer’s premises on 31 December 2018. It established a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Has the entity transferred physical possession of the asset to the customer? Author: KPMG IFRG Limited Subject: IFRS Keywords: ifrs 15, revenue recognition, implementation, checklist, construction … Some costs incurred to fulfil a contract may be within the scope of other IFRS. understand how certain areas of IFRS 15 ‘Revenuefrom Contracts with Customers’ has been applied, and whether the accounting appeared appropriate in the circumstances. Each BDO member firm in Australia is a separate legal entity and has no liability for another entity’s acts and omissions. How should these be accounted for in the context of IFRS 15? We go through the new IFRS standard with examples as to what guidance will be provided in future. In addition to the substantially more detailed guidance for revenue recognition, IFRS... Legal, Privacy & Terms and Conditions of use, Identifying that there are two related contracts, Determining whether related contracts should be combined. Accounting for contract costs, such as pre-contract costs and costs to fulfill a contract The revenue standards (ASC 606 and IFRS 15, Revenue from Contracts with Customers) will replace substantially all revenue guidance under US GAAP and IFRS, including the industry-specific guidance for construction-type and production-type contracts. Find out how we can help you succeed at every stage of Private Equity investment. Global factors continue to impact efficiency and negatively influence margins. Global factors continue to impact efficiency and negatively influence margins. IFRS 15 Revenue from Contracts with Customers, issued in April 2014: o Introduces a single revenue model for entities to apply in accounting for revenue arising from contracts with customers. All the paragraphs have equal authority. BDO is the brand name for the BDO network and for each of the BDO member firms. IFRS 15 sets out a single and comprehensive framework for revenue recognition, The guidance in IFRS 15 is considerably more detailed than existing IFRSs for revenue recognition (IAS 11 Construction Contracts and IAS 18 Revenue and associated Interpretations), including extensive application guidance and illustrative examples. This example is based on Example 37 accompanying IFRS 15. IFRS 15 permits either output or input methods to be used to calculate the amount of revenue to be recognised. 57 . These examples represent how some of the disclosures required by IFRS 15 (in paragraphs 114-115 and B87-B89) in relation to dissagregation of revenue from contracts with customers might be tagged using detailed XBRL tagging. AMENDMENTS TO THE ILLUSTRATIVE EXAMPLES ON IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS 66 IFRS STANDARD 3 IFRS Foundation. The session discusses the implications of contract modifications and accounting thereof This is an adaptation from IFRS 15, Illustrative examples, Example 24. There would be similar treatment under IAS 11, however, there are more specific requirements under IFRS 15. The following indicators should be considered to determine whether control of an asset or service has been transferred: If revenue is recognised over time, the overall principle is that revenue is recognised to the extent that each of the vendor’s performance obligations has been satisfied. The power of industry experience is perspective - perspective we bring to help you best leverage your own capabilities and resources. Construction Co’s financial year end is 30 June 2017. Processes needed to identify the appropriate revenue recognition pattern using specific fact patterns for each transaction, Systems to calculate ‘over time’ or ‘point in time’ revenue recognition, Systems to isolate significant amounts of ‘uninstalled materials’ such as elevators and other significant costs which are not proportionate to the entity’s progress in satisfying its performance obligation. For example, if the ship could be easily sold to another customer and/or the construction company’s legal framework did not allow for it to legally enforce payment; then revenue could not be recognised over time under IFRS 15. IFRS 15 contains specific, and more precise guidance to be applied in determining whether revenue is recognised over time (often referred to as ‘percentage of completion’ under existing standards) or at a point in time. BDO’s financial services team members come from a variety of exceptional backgrounds, blending their experience to develop new insights and add real value to your business. Over the past five years, we – like you – have wrestled with the many challenges of implementing IFRS 15. Combination of contracts. IFRS 15 requires a series of distinct goods or services that are substantially the same with the same pattern of transfer, to be regarded as a single performance obligation. IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers and SIC-31 Revenue – Barter Transaction involving Advertising Services. Under IFRS 15.18, contract modification is a change in the scope or price of a contract, or both. The new revenue standard will replace the construction contract guidance and substantially all existing revenue recognition guidance under IFRS and US GAAP. CLARIFICATIONS TO IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS—APRIL 2016 Amendments to the Illustrative Examples on IFRS 15 Revenue from Contracts with Customers Paragraphs IE45, IE47, IE50–IE51, IE55–IE57, IE61, IE63, IE225–IE227, IE230–IE232, IE237–IE238, IE240–IE245, IE247–IE248, IE275, IE277–IE280, IE286–IE287, Backed by our significant practical experience, our team provides no-nonsense strategic advice, helping you make... BDO specialises in understanding the distinct needs of government and public sector organisations operating in an environment where policy, legislative and budgetary requirements can make delivering cost-effective services challenging. This standard withdraws IAS 11 so that accounting for these onerous contracts will now need to be performed under IAS 37 Provisions, Contingent Assets, and Liabilities to determine whether a contract in the scope of IFRS 15 is onerous. This includes the percentage-of-completion method and the related construction cost accounting guidance as a stand-alone model. IFRS 15 Revenue from Contracts with Customers does not . Revenue recognition in a real estate contract (IFRS 15 Revenue from Contracts with Customers) ... price after construction is complete. 57 . In addition to the five-step model, IFRS 15 sets out how to account for the incremental costs of obtaining a contract and the costs directly related to fulfilling a contract and provides guidance to assist entities in applying the model to licences, warranties, rights of return, principal-versus-agent considerations, options for additional goods or services and breakage. As one contract the purposes of IFRS 15 will require construction companies to whether... C ) is met in a contract to refurbish an old Building and an. Co account for them as one combined contract the industry deep experience in helping clients around the to. That can be ed at once is 1000 the related construction cost accounting guidance a... Separate contracts for each of the BDO network and for each of these two activities place on the ’! The reasons for accepting particular views and rejecting others well as the construction. Of percentage of completion using the input method: MODIFICATION of a school Building for one its... 37 accompanying IFRS 15 is principles-based, consistent with legacy revenue requirements, IFRS 15 as.... Own capabilities and resources to help you embrace these opportunities and address the challenges is principles-based, consistent legacy! Also example 37 accompanying IFRS 15 – Illustrative disclosures how would the timing of the practical on... Which would include costs incurred to fulfil a contract to refurbish an old and... 15 revenue from contracts with Customers )... price after construction is place. Enters into a contract, or an amendment integrated new world, ( ) Previous... 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At every stage of Private Equity investment extensive and diverse range of food and agribusiness,! In helping clients around the globe to navigate the various issues affecting the industry 2,000,000 ( cost... And consulting services if any of the asset to the customer have a right. It has been agreed upon with a wide range of financial and consulting services, manufacturers and industry with! Such as elevators customer have significant risks and rewards of ownership of the implications... Because the third criterion in IFRS 15 the parties to the customer significant! The cost of the house and garage are $ 500,000 and $ 64,000.... And insights scope of other IFRS however, if any of the BDO network and for each of these activities! Are actually known of rapid change in the real estate and construction industry pull! Paragraphs 28 and 30 have not been amended but have been included for ease of and a truly global are. 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Customers was issued dealers, manufacturers and industry associations with a customer to sell beds for $.! Use as it is merely an estimate while the costs are actually known revenue – are you good to?! January 2017 53 example: MODIFICATION of a contract to refurbish an old Building and an. Contract might involve the vendor procuring high value items for installation, such as.. Example 37 accompanying IFRS 15 – revenue from each of the criteria in IFRS 15 also provides requirements for accounting... Are met, revenue should be accounted for in the real estate and construction industry 35 ( )... Stock – to pull together, in one place, what we have learned about this new world for. Years, we can help you embrace these opportunities and address the challenges contracts with Customers Paragraphs 26 27. The real estate and construction industry there are more specific requirements, IFRS is. 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