Study Guide:

1. Introduction

2. Five-step model

3. Contract cost

4. Specific guidance

5. Contract modification

1. Introduction

Core principles

The core principle of IFRS15 Revenue from Contracts with Customers is that revenue is recognised to depict the transfer of goods or services to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services (收入確認反映主體預計因交付商品或服務(wù)而有權(quán)獲得對價的金額）Transfer of goods or services is based on the transfer of control. Control of an asset is described in the standard as the ability to direct the use of, and obtain substantially all of the remaining benefits from the asset (控制指主導資產(chǎn)使用及獲得資產(chǎn)幾乎所有剩余利益的能力）

? Income: Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.

? Revenue: Income arising in the course of an entity’s ordinary activities.

? Contract: an agreement between two or more parties that creates enforceable rights and obligations.

? Contract asset: an entity's right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time (for example the entity's future performance).

? Receivable: an entity's right to consideration hat is unconditional – i.e only the passage of time is required before payment is due.

? Contract liability: an entity's obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer.

? performance obligation（履約義務(wù)）: a promise in a contract with a customer to transfer to the customer either:

  (i) A good or service (or a bundle of goods or services) that is distinct; or

  (ii) A series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer.

? Stand-alone selling price（單獨售價）: the price at which an entity would sell a promised good or service separately to a customer.

?Transaction price（交易價格）: the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.