When is revenue recognized from the sale of gift cards?

It is important to note that there are some exclusions from IFRS 15 such as: Lease contracts (IAS 17); Insurance contracts (IFRS 4); Financial instruments (IFRS ... Free Goods given to customers, as part of a sale arrangement, is recorded as Trade Terms or Rebates to customers, under IFRS 15, which represents a deduction of ... Here, we summarise the following five steps of revenue recognition and illustrative practical application for the most common scenarios. We highlight changes for the real estate industry in guidance on when to recognize revenue arising from contracts with customers. IFRS 15 sets out a single and comprehensive framework for revenue recognition, The guidance in IFRS 15 is considerably more detailed than existing IFRSs for ... The new IFRS rules will be applicable for periods beginning on or after 1 January 2018. Here we look at the question of whether it's possible to avoid ... Other Standards have made minor consequential amendments to IFRS 15, including. IFRS 16 Leases (issued January 2016) and Amendments to References to the ... May 31, 2017 ... While International Financial Reporting Standard 15: Revenue from Contracts with Customers (IFRS 15), a new accounting standard for recording ... Adherence to IFRS 15 is an important, ongoing obligation for CFOs across the global economy. A wide variety of businesses can enhance compliance, reporting and ... In this article, we unpack everything about IFRS 15 to help you understand exactly what it is and how to apply it to your financial reporting.