Intangible assets us gaap vs ifrs essay
credit recommendations to thousands of colleges and universities. As you know, IAS 18 Revenue contains principles for revenue recognition, but they are quite broad and as a result, many companies use their judgment to apply them in their specific situation. Are you making your plans to adopt or implement it?
Ifrs 15 is a huge change and it requires a massive amount of work not only from accountants, but also from IT departments, tax people and maybe other departments in your company, too.
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If you work in an industry where bundled contracts of product service are quite common, then you should pay attention. However, IAS 18 cambridge biology essay competition does not give any guidance on how to identify these components and how to allocate selling price and as a result, there were different practices applied. It means that under new ifrs 15, telecom operator must allocate a part of the revenue from prepayment plan with free handset to the sale of handset, too. Opposed to, iFRS, US, gAAP guidance about revenues is very detailed. Step 3: Determine the transaction price. US, gAAP contains about 100 separate documents and protocols about revenue recognition in specific areas (often conflicting, by the way). The biggest impact of the new standard is that the companies will report profits in a different way and profit reporting patterns will change. Therefore: When ABC gives a handset to Johnny, it needs to recognize the revenue of CU 285.60; When ABC provides network services to Johnny, it needs to recognize the total revenue of CU 914.40. ABC sells the same handsets for CU 300 and the same monthly prepayment plans without handset for CU 80/month.
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