5-Step Model for Revenue Recognition under IFRS 15 + Journal Entries
The standard IFRS 15 has been with us for a while now, yet I still receive the same question: What precisely is 5-step model and should we really apply it to even the simple shop sales to the customer? The short answer is YES, you…
Accounting for the sales of software licenses with subsequent updates
How to apply 5-step model of IFRS 15 to the licenses of intellectual property? Are there any special considerations? Learn here!
How to account for settlement discounts under IFRS 15?
Should you recognize settlement discount as a cost at the time when the payment is received? Or, should you adjust revenue? How? Learn here!
We rent apartments and supply utilities with rent. Are we agent or principal?
If you are using third-party supplies within your product or service, are you an agent or a principal? How should you recognize revenue in this case? Learn here!
IFRS 2019 Update: Major changes you should be aware of
Here we go again – another year has started and a number of changes or amendments of IFRS came into effect. I am pretty sure that you are aware of the biggest ones like new IFRS 16, but let me sum up all the new…
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