IFRS 15 Revenue from Contracts with Customers summary - applies in 2024

[@CPDbox]

Thanks for watching! Let’s connect: *Newsletter: www.cpdbox.com/ *LinkedIn: www.linkedin.com/in/silviamahutova/ *Instagram: instagram.com/cpdbox/

[@L_o-m_g]

My Uni needs to start paying you because you've taught me more than any of my FAC lecturers did Hahaha :)

[@susanchimkono2551]

I never got this topic clear, but now it seems so simple than before😢

[@jacobsphamandlayoko2008]

I had no idea you’re also in Accounting yazi Letato :’)

[@L_o-m_g]

@@jacobsphamandlayoko2008 Lol hey, yeah sikhala sibaningi 😅

[@NitinShukla-b2o]

Once Einstein said "if you cannot explain it simply that means you did not understand it well enough" , Silvia makes every word of that statement true and about her in-depth knowledge and skill to explain that even the most daunting topics seem like a breeze !!

[@stranger6056]

You are extremely competent, if you didn't start these videos for FREE, you might go unnoticed to such huge crowd. Appreciations from Pakistan 💕

[@okeritjiyorokisa7748]

your lectures are so helpful and simplified, thank you so much.. please keep up the wonderful work, you helping so many of us!

[@reynantealvarez931]

Please keep these videos free. I'm learning more from your channel than university ♥

[@nthabisengletsoalo5738]

what an amazing teacher you are. thank you so much, your videos are very helpful!!!

[@ghafoorkhan]

Superbly explained with a very light and easy accent of English. For Concept clearance is the best choice

[@1La2La3La4La]

Always LOVE the examples provided. many thanks.

[@shayanabbasivlogs9223]

Real gem for accounting students 👏🏼🤩

[@rahmanonimisi2917]

The journal entry for the sales promo should look like this: Dr Account receivables/Bank 100 Cr Revenue 83 Cr Contract Liability 17 Once the pair of sock is delivered: Dr Contract Liability 17 Cr Revenue 17

[@CPDbox]

Correct, with one small detail: that was a cash sale, so Debit Cash :) Otherwise, well done!

[@rahmanonimisi2917]

Well noted@@CPDbox. You are the best :)

[@Allinone-iu4yu]

Thanks it's very helpful for brief understanding of IFRS 15 .Good job I hope you will continue this job for other standards.

[@m.pranav-is5sn]

Thank you for your kind explanation it helped me to score good matks in the last minute 👍👍👍. Keep rocking. We do need a good guidance from you for learning each and every concept clearly.

[@shafiilipemba8818]

Thank you very much. You make account very easy continue to support us 👊👊🙌🙌

[@pavansaikumar7870]

Great video Thanks for making life simple 😊😊 Love from INDIA

[@sweetnspicyayisha]

Thanks! Great video. Very helpful in understanding most of the basic concepts.👍🏾

[@shingiriraiguvamombe2290]

you are doing amazing work, will definitely encourage others to subscribe to your channel

[@adamyahiaaldouma9130]

Thank you so much our dear for supporting us to understand the IFRS.

[@jeetmankikar]

Thank you for this video, you teach very well!

[@pertunialeballo4922]

🙌🏾just subscribed cos I need to understand financial accounting not just pass an exam

[@CPDbox]

Great, so welcome :)

[@annisanurulazizah1737]

THE BEST VIDEO TO UNDERSTAND IFRS 15

[@m.pranav-is5sn]

Thank you so much for the clear explanation of each and every concept . Can you please put a video about the IAS and IFRS (Meaning and difference between those two).

[@MsDESTINY999]

Thank u for making the videos...your channel is my first point of reference for any ifrs

[@mohsinreza7300]

Excellent presentation. Thanks Silvia

[@Abhi-rf4be]

Great Presentation and very helpful🙏

[@pamelasikhosana7730]

Thank you♥️! You've just made my life easier.

[@ashwinipoobalan4054]

Very explanatory… Thank you!

[@qp5583]

It’s really helpful. Thank you so much👍🏻

[@danilaevangelistadasilva2285]

Perfect explanation! Thank you very much

[@probodhamadusanaka2632]

In step 3: Determine the transaction price we need to examine the existence of a significant financing component. (Adjustment for TVM) are we to do this to account for revenue at a value that reflects on the date the performance obligation is satisfied ? If the payment is in arrears meaning we are going to deliver the contract on a future date, we would identify a finance cost that would increase the contract liability by that amount till the performance obligation is satisfied at which time revenue will be identified and this revenue figure include the interest component. But the treatment is different if it was an advance payment. TY

[@aaroacademy]

Thank you, this lesson is very valuable!

[@classmore1117]

Your explanation is super helpful

[@ekakitiesunday7381]

Thanks so much for your videos.

[@melFzeeN]

great explanations 👌 🙏

[@SallyRoss-m8g]

Great video, thank you

[@krisongoh5169]

If a cafe offers 10% cash back to customer to be redeem in next visit, is this cash back similar to the treatment of gift card or loyalty program?

[@mohammedismail235]

good job silvia

[@milicaaa123]

Thank youuuuuuu!!!!!!!

[@herahaider]

Practically how companies record all different scenarios in accounting entries as per IFRS 15. As this requires too much input and workload. I don't see any software that can post entries as per IFRS unless someone expert with IFRS can do. But that someone needs to pass a lot of accounting entries and follow up schedule entries.

[@kashifriaz3736]

Great job Silvia FCCA.

[@PhuongTran-nt8oe]

Character In the video It's great, I like it a lot $$

[@thetmaungthin]

Thank you very much.

[@learnaccountingbycapilicla6835]

Is IFRS 15 applicable to loans?

[@whoshashanktripathi]

Hi Silvia, What is the charge to get these notes??

[@CPDbox]

These are free.

[@whoshashanktripathi]

@@CPDbox how do I get it?? I need these notes only.

[@CPDbox]

Oh, sorry, I misunderstood. Well, we do not publish handouts or notes from these videos, sorry.

[@rkm9253]

Hi ..please upload any class /material for IFRS 15 material right

[@CPDbox]

Hi, ,I think there are some free lectures on my channel, and you can also see my website for the list of all material related to IFRS 15 here: www.cpdbox.com/ifrs/ifrs-15/

[@rkm9253]

Do you give classes for dip IFRS

[@samudithrandika4876]

Thanks :)

[@yuganshdham601]

Amazing

[@shankartarun5084]

Hii if possible in need this PPT please send

[@saurabhK-g3n]

the shoes should be 80 and socks 20 or shoes should be 99 and socks 01 as free items are billed in unit currency if the same item is given free as buy 1 get one free then this rule should be used

[@yuganshdham601]

❤️❤️

[@fadibarake4630]

I am really sorry but step 4 on socks does not make sence because you can still record 100 cu and once you have the socks, you can give it to the customer.

[@CPDbox]

This is exactly what you cannot do as it would be straight against the new rules of IFRS 15.

[@fadibarake4630]

Hi silvia, in practice, in retail store, when there is an offer, buy one, get another item for free, the selling price for the first item will be 100 cu and the selling price for the second item will be zero! The amount collected from the customer will be 100 cu. If defined price of the of the first item is 83 cu and the defined price of the second item is 17 cu, then in case the second item is no longer available, then you can not continue selling to customers and you need to stop the offer.

[@fadibarake4630]

I beleive that the person who created this rule never worked in practice in finance.

[@CPDbox]

@@fadibarake4630 Fadi, you are confusing the retail price with the revenue recognized. Yes, of course, the retail price will be always 100 for the shoes and 0 for the socks, but under IFRS 15, the retailer will recognize the revenue of 100 in split of 83 for the shoes and for the socks. That's the whole point of IFRS 15.