What is aasb15?

What is aasb15?

AASB 15 stipulates how and when revenue is recorded, requiring entities to provide users of financial statements with more information and reporting disclosures.

What is the difference between AASB 15 and AASB 1058?

AASB 15 changes revenue recognition from the current “transfer of risks and rewards” model to a “transfer of control” model. AASB 1058 is expected to more closely reflect the economic reality of the underlying transaction and will replace the vast majority of AASB 1004 Contributions.

Does AASB 15 replace AASB 118?

AASB 15 replaces both AASB 118 Revenue and AASB 111 Construction Contracts.

When can you Recognise revenue?

According to the principle, revenues are recognized when they are realized or realizable, and are earned (usually when goods are transferred or services rendered), no matter when cash is received. In cash accounting – in contrast – revenues are recognized when cash is received no matter when goods or services are sold.

What AASB 1059?

AASB 1059 defines a service concession as an arrangement that involves an operator: Providing public services related to a service concession asset on behalf of the grantor; and. Managing at least some of those public services at its (i.e. the operator’s) own discretion, rather than at the direction of the grantor.

What is aasb1058?

AASB 1058 applies to transactions where the consideration to acquire an asset is significantly less than fair value, principally to enable the not-for-profit (NFP) entity to further its objectives.

Is AASB 15 still relevant?

This compiled version of AASB 15 applies to annual periods beginning on or after 1 January 2019 but before 1 January 2021. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 4 September 2018 (see Compilation Details).

Is AASB 1004 still applicable?

The Australian Accounting Standards Board made Accounting Standard AASB 1004 Contributions under section 334 of the Corporations Act 2001 on 13 December 2007. This compiled version of AASB 1004 applies to annual reporting periods beginning on or after 1 January 2019.

What are service concession assets?

A service concession arrangement is an arrangement whereby a government or other public sector body contracts with a private operator to develop, operate and maintain an infrastructure asset such as a road, bridge, tunnel, airport, energy distribution network, prison or hospital.

Is AASB 15 the same as IFRS 15?

Comparison with IFRS 15 AASB 15 Revenue from Contracts with Customers as amended incorporates IFRS 15 Revenue from Contracts with Customers as issued and amended by the International Accounting Standards Board (IASB).

What AASB 132?

AASB 132-compiled. 10. STANDARD. (c) All financial instruments in the class of instruments that is subordinate to all other classes of instruments must have an identical contractual obligation for the issuing entity to deliver a pro rata share of its net assets on liquidation.

WHO recognizes service concession asset?

(b) The grantor recognizes a liability when it grants the operator the right to earn revenue from third-party users of the service concession asset or another revenue-generating asset. Under paragraph 26 of IFRIC 12, the operator recognizes an intangible asset.

What is service concession accounting?

Is AASB 132 still valid?

This compiled version of AASB 132 applies to annual periods beginning on or after 1 January 2019 but before 1 January 2021. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 9 December 2016 (see Compilation Details).

Does AASB 9 replace AASB 139?

AASB 9 Financial Instruments became effective for annual reporting periods beginning or after 1 January 2018 and replaced AASB 139 Financial Instruments: Recognition and Measurement. Under AASB 9, equity investments are normally measured at fair value through profit or loss (FVPL).