IFRS 15

IFRS 15, or International Financial Reporting Standard 15, represents a significant milestone in the field of revenue recognition accounting standards established by the International Accounting Standards Board (IASB). Effective since January 1, 2018, IFRS 15 provides a comprehensive and principles-based framework for recognizing revenue from customer contracts across various industries and jurisdictions.

What is IFRS 15?

IFRS 15, or International Financial Reporting Standard 15, is a global accounting standard issued by the International Accounting Standards Board (IASB) that provides a comprehensive framework for recognizing revenue from customer contracts. Effective since January 1, 2018, IFRS 15 replaces the previous revenue recognition guidance provided by IAS 18, Revenue, and other related interpretations.

IFRS 15 introduces a principles-based approach to revenue recognition, focusing on the transfer of control of goods or services to customers as the core principle for recognizing revenue.

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What is performance obligation under IFRS 15?

A performance obligation under IFRS 15 is a promise in a contract with a customer to transfer a distinct good or service (or a series of distinct goods or services) to the customer. A performance obligation is considered distinct if the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer, and if the promise to transfer the good or service is separately identifiable from other promises in the contract.

Identifying performance obligations is a crucial step in applying IFRS 15, as revenue is recognized when (or as) each performance obligation is satisfied by transferring control of the promised goods or services to the customer.

How to recognise revenue under IFRS 15?

Revenue recognition under IFRS 15 involves the following steps:

Identify the contract: Determine whether a contract exists with a customer, including whether the contract is legally enforceable and the parties' rights and obligations.
Identify performance obligations: Identify the distinct goods or services promised to the customer in the contract, known as performance obligations.
Determine the transaction price: Determine the transaction price, which is the amount of consideration expected to be received in exchange for transferring the promised goods or services to the customer.
Allocate the transaction price: Allocate the transaction price to each performance obligation based on its standalone selling price.
Recognize revenue: Recognize revenue when (or as) each performance obligation is satisfied by transferring control of the promised goods or services to the customer.

Does IFRS 15 replace IAS 18?

Yes, IFRS 15 replaces IAS 18, Revenue, and several other related interpretations, including IFRIC 13, Customer Loyalty Programs, and IFRIC 15, Agreements for the Construction of Real Estate. IFRS 15 represents a significant overhaul of the previous revenue recognition guidance provided by IAS 18 and other related interpretations.

The introduction of IFRS 15 aligns with the IASB's objective of improving financial reporting by providing a more principles-based and comprehensive framework for revenue recognition that addresses the complexities and challenges arising from evolving business practices and revenue generation models.

Does an enforceable right custom manufacturing IFRS 15?

Under IFRS 15, an enforceable right to payment for performance completed to date is one of the criteria used to determine when to recognize revenue from contracts with customers. This means that if a customer has an enforceable right to require custom manufacturing to be performed, and the seller has already completed the performance obligation, revenue may be recognized in accordance with IFRS 15 criteria.

Is ASC 606 the same as IFRS 15?

ASC 606, or Accounting Standards Codification Topic 606, and IFRS 15, or International Financial Reporting Standard 15, share similarities as they both address revenue recognition. However, they are not identical. ASC 606 was issued by the Financial Accounting Standards Board (FASB) in the United States, while IFRS 15 was issued by the International Accounting Standards Board (IASB).

Enquêtes onder werknemers:

Dit zijn korte enquêtes die regelmatig kunnen worden verstuurd om snel na te gaan hoe uw werknemers over een onderwerp denken. De enquête bevat minder vragen (niet meer dan 10) om snel informatie te krijgen. Ze kunnen op regelmatige tijdstippen (maandelijks/wekelijks/kwartaallijk) worden afgenomen.

Eén-op-één vergaderingen:

Periodieke bijeenkomsten van een uur voor een informeel gesprek met elk teamlid is een uitstekende manier om een goed beeld te krijgen van wat er bij hen leeft. Omdat het een veilig en privégesprek is, helpt het u om betere details over een kwestie te krijgen.

eNPS:

eNPS (employee Net Promoter score) is een van de eenvoudigste maar doeltreffende manieren om de mening van uw werknemers over uw bedrijf te beoordelen. Het bevat een intrigerende vraag die de loyaliteit meet. Een voorbeeld van eNPS-vragen zijn: Hoe waarschijnlijk is het dat u ons bedrijf bij anderen aanbeveelt? Werknemers beantwoorden de eNPS-enquête op een schaal van 1-10, waarbij 10 betekent dat het 'zeer waarschijnlijk' is dat zij het bedrijf zullen aanbevelen en 1 betekent dat het 'zeer onwaarschijnlijk' is dat zij het bedrijf zullen aanbevelen.

Op basis van de antwoorden kunnen de werknemers in drie verschillende categorieën worden ingedeeld:

Promoters
Werknemers die positief hebben gereageerd of akkoord zijn gegaan.
Detractors
Medewerkers die negatief hebben gereageerd of het er niet mee eens zijn.
Passieven
Werknemers die neutraal zijn gebleven met hun antwoorden.