How to Account for Customer Incentives under IFRS
Buy one, get one free… Discounts on future purchases… Coupons for free products… Loyalty points… Sounds familiar? Well, if you work in a company that sells some products or services to individuals or general public (not the other businesses), then you probably use some “carrots…
Accounting for discounts under IFRS
Discounts are probably the most popular selling tool in business. Without a doubt, many companies discount the price for their products or services in various forms, for example: Buy 1, get 1 free (and modifications), Get 10% off for purchases over CU 100 (and modifications),…
Principal or Agent – Revenue or Liability?
A few weeks ago I published an article about top 3 dilemmas with your auditors and I wrote the story about a company selling mobile phone credits via its machines. I explained that the company served as a medium of sale and was not responsible…
IFRS 15 Revenue from Contracts with Customers – Summary
In the past few years, the revenue recognition rules changed dramatically with introduction of the new standard IFRS 15. All affected companies face a lot of challenges and work related to the proper implementation of the new standard. I have written 2 articles about the…
The Best of IFRSbox 2015
The year-end is coming closer and closer; the closings have already started to push their pressure on all of us, the exam season approaches and we live the busy lives. I know that this part of the year is usually the second busiest for any…
IFRS 15 Examples: How IFRS 15 Affects Your Company
IFRS 15 Contracts with Customers introduced a huge change and a very difficult challenge for almost every single company. 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…
Top 5 IFRS Changes Adopted in 2014
The year 2014 brought us some very significant changes in IFRS. While some changes might not give you a hard time to adopt, the other changes can cost you a lot of money and time to make them effective in your company. The year 2014…
IFRS 15 vs. IAS 18: Huge Change Is Here!
How does IFRS 15 change revenue recognition? Does it affect YOU? You’ll find a clear explanation and its comparison with IAS 18 on a numerical example here!
