RevenuefromContractswithCustomers.pptVIP

2008 IASC Foundation? |???30 Cannon Street? |???London?EC4M 6XH? |???UK? |??? International Financial Reporting Standards 2008 IASC Foundation? |???30 Cannon Street? |???London?EC4M 6XH? |???UK? |??? The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation. International Financial Reporting Standards International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASC Foundation or the IASB IASC Foundation ? 2008 IASC Foundation. 30 Cannon Street | London EC4M 6XH | UK. Revenue from Contracts with Customers Update April 2011 Agenda Summary of the exposure draft Feedback on the exposure draft Developments since the exposure draft Project timeline * ? 2011 IASC Foundation. 30 Cannon Street | London EC4M 6XH | UK. The exposure draft Converged proposal with unanimous support of both the IASB and the FASB Improves financial reporting: Single model based on clear principles Robust framework for addressing revenue issues Comparability across industries and markets Enhanced disclosure requirements 7 ED - Summary of the revenue proposals 1. Identify the contract(s) with the customer 2. Identify the separate performance obligations 3. Determine the transaction price 5. Recognise revenue when a performance obligation is satisfied 4. Allocate the transaction price Recognise revenue to depict the transfer of goods or services in an amount that reflects the consideration expected to be received in exchange for those goods or services Steps to apply the core principle: Core principle: ? 2011 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. * Feedback on the exposure draft Comment letter period ended 22 October, 2010 Good level of responses Overall support for project objective: to create a single, joint revenue standard for use across various industries and capital markets * ? 20101IASC Foundati