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A main purpose of the project to develop IFRS 15 was that, although revenue is a critical metric for financial statement users, there were important differences between the IASB and FASB definitions of revenue, and there were different definitions of revenue even within each board's guidance for similar transactions accounting for under different standards. [3]
In May 2014, the FASB and IASB issued new, converged guidance on revenue recognition. This guidance, known as ASC 606 (or IFRS 15), aims to improve consistency in recognizing revenue from contracts with customers. [3] ASC 606 became effective in 2017 for public companies and 2018 for private companies. [4]
IFRS 15: IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction 2007 January 1, 2008: IFRIC 15 Agreements for the Construction of Real Estate 2008 January 1, 2009: January 1, 2018: IFRS 15: IFRIC 16 Hedges of a Net Investment in a Foreign Operation 2008 October 1, 2008: IFRIC 17
By their nature, construction activities and contracts are long-term projects, often beginning and ending in different accounting periods. Until its replacement with IFRS 15 in January 2018, IAS 11 helped accountants with measuring to what extent costs, revenue and possible profit or loss on the project are incurred in each period. [1]
Revenues and gross profit are recognized each period based on the construction progress, in other words, the percentage of completion. Construction costs plus gross profit earned to date are accumulated in an asset account (construction in process, also called construction in progress), and progress billings are accumulated in a liability account (billing on construction in process).
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). [1] They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and ...
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