Glossaire
Compass - Le seul glossaire de vente dont vous avez besoin
IFRS 15, or International Financial Reporting Standard 15, represents a significant milestone in the field of revenue recognition accounting standards established by the International Accounting Standards Board (IASB).
Effective since January 1, 2018, IFRS 15 provides a comprehensive and principles-based framework for recognizing revenue from customer contracts across various industries and jurisdictions.
IFRS 15, or International Financial Reporting Standard 15, is a global accounting standard issued by the International Accounting Standards Board (IASB) that provides a comprehensive framework for recognizing revenue from customer contracts.
IFRS 15 introduces a principles-based approach to revenue recognition, focusing on the transfer of control of goods or services to customers as the core principle for recognizing revenue.
A performance obligation under IFRS 15 is a promise in a contract with a customer to transfer a distinct good or service (or a series of distinct goods or services) to the customer.
A performance obligation is considered distinct if the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer, and if the promise to transfer the good or service is separately identifiable from other promises in the contract.
Identifying performance obligations is a crucial step in applying IFRS 15, as revenue is recognized when (or as) each performance obligation is satisfied by transferring control of the promised goods or services to the customer.
Variable consideration refers to the portion of the transaction price that can vary due to discounts, rebates, performance bonuses, or penalties.
Under IFRS 15, companies estimate this amount using either the expected value or the most likely amount and include it only if it’s highly probable that a significant revenue reversal won’t occur.
ASC 606 (the US GAAP equivalent) and IFRS 15 are aligned standards developed jointly by the FASB and IASB. Both provide a comprehensive framework for revenue recognition, aiming to improve comparability and clarity in financial reporting.
While nearly identical in principle, differences in application and disclosures may arise between IFRS 15 vs ASC 606.
ASC 606, or Accounting Standards Codification Topic 606, and IFRS 15, or International Financial Reporting Standard 15, share similarities as they both address revenue recognition. However, they are not identical.
ASC 606 was issued by the Financial Accounting Standards Board (FASB) in the United States, while IFRS 15 was issued by the International Accounting Standards Board (IASB).
Yes, IFRS 15 replaces IAS 18, Revenue, and several other related interpretations, including IFRIC 13, Customer Loyalty Programs, and IFRIC 15, Agreements for the Construction of Real Estate.
IFRS 15 represents a significant overhaul of the previous revenue recognition guidance provided by IAS 18 and other related interpretations.
The introduction of IFRS 15 aligns with the IASB's objective of improving financial reporting by providing a more principles-based and comprehensive framework for revenue recognition that addresses the complexities and challenges arising from evolving business practices and revenue generation models.
Yes, IFRS 15 differs significantly from ASC 605, which was the former US GAAP standard for revenue recognition. ASC 605 had industry-specific rules, whereas IFRS 15 and ASC 606 offer a unified, principles-based approach that enhances comparability and consistency across sectors and jurisdictions.
IFRS 15 applies to all entities that enter into contracts with customers to transfer goods or services. It spans various industries including technology, construction, and services, and is mandatory for companies reporting under IFRS.
IFRS 15 was introduced to create a single, consistent model for revenue recognition across different industries and regions. It replaces outdated and fragmented guidance, improving financial comparability and reducing complexity in IFRS 15 revenue recognition practices.
Revenue is recognized under IFRS 15 by applying a five-step model:
This model ensures consistent and transparent revenue recognition across industries.
.svg)
