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Lecture Intermediate accounting (IFRS 2nd edition): Chapter 18 - Kieso, Weygandt, Warfield

Chapter 18 - Revenue recognition. After completing this chapter you should be able to: Apply the revenue recognition principle, describe accounting issues for revenue recognition at point of sale, apply the percentage-of-completion method for long-term contracts, apply the completed-contract method for long-term contracts. | PREVIEW OF CHAPTER Intermediate Accounting IFRS 2nd Edition Kieso, Weygandt, and Warfield 18 Allocate the transaction price to the separate performance obligations. Recognize revenue when the company satisfies its performance obligation. Identify other revenue recognition issues. Describe presentation and disclosure regarding revenue. After studying this chapter, you should be able to: Revenue Recognition 18 LEARNING OBJECTIVES Understand revenue recognition issues. Identify the five steps in the revenue recognition process. Identify the contract with customers. Identify the separate performance obligations in the contract. Determine the transaction price. OVERVIEW OF REVENUE RECOGNITION Recently, the IASB and FASB issued a converged standard on revenue recognition entitled Revenue from Contracts with Customers. Revenue recognition is a top fraud risk and regardless of the accounting rules followed (IFRS or U.S. GAAP), the risk or errors and inaccuracies in revenue reporting is significant. LO 1 Background New Revenue Recognition Standard LO 1 Revenue from Contracts with Customers, adopts an asset-liability approach. Companies: Account for revenue based on the asset or liability arising from contracts with customers. Are required to analyze contracts with customers Contracts indicate terms and measurement of consideration. Without contracts, companies cannot know whether promises will be met. OVERVIEW OF REVENUE RECOGNITION LO 1 New Revenue Recognition Standard ILLUSTRATION 18-1 Key Concepts of Revenue Recognition Performance Obligation is Satisfied Allocate the transaction price to the separate performance obligations. Recognize revenue when the company satisfies its performance obligation. Identify other revenue recognition issues. Describe presentation and disclosure regarding revenue. After studying this chapter, you should be able to: Revenue Recognition 18 LEARNING OBJECTIVES Understand revenue recognition issues. Identify the five steps in the revenue . | PREVIEW OF CHAPTER Intermediate Accounting IFRS 2nd Edition Kieso, Weygandt, and Warfield 18 Allocate the transaction price to the separate performance obligations. Recognize revenue when the company satisfies its performance obligation. Identify other revenue recognition issues. Describe presentation and disclosure regarding revenue. After studying this chapter, you should be able to: Revenue Recognition 18 LEARNING OBJECTIVES Understand revenue recognition issues. Identify the five steps in the revenue recognition process. Identify the contract with customers. Identify the separate performance obligations in the contract. Determine the transaction price. OVERVIEW OF REVENUE RECOGNITION Recently, the IASB and FASB issued a converged standard on revenue recognition entitled Revenue from Contracts with Customers. Revenue recognition is a top fraud risk and regardless of the accounting rules followed (IFRS or U.S. GAAP), the risk or errors and inaccuracies in revenue reporting is .