01 Dec 2014 2 min read
The International Accounting Standards Board (IASB) and US FASB have issued their new Standard on revenue – IFRS 15 ‘Revenue from Contracts with Customers’ (ASU 2014-09 or Topic 606 in the US). This bulletin summarises the new requirements and what they will mean for the life sciences industry.
Recently issued IFRS 15 ‘Revenue from Contracts with Customers’ replaces IAS 18 ‘Revenue’ and IAS 11 ‘Construction Contracts’, and provides significant new guidance addressing key questions such as:
With the potential to significantly impact the timing and amount of revenue recognised, entities in the life sciences industry will want to invest time up front to ensure all critical impacts are identified and understood well in advance of implementation.
Learn how to determine the transaction price under Step 3 of IFRS 15's five-step revenue recognition model, including key considerations for customer contracts and financial reporting.
Share-based payments have become increasingly popular over the years, with many entities using equity instruments or cash and other assets based on the value of equity instruments as a form of payment to directors, senior management, employees, and other suppliers of goods and services.
Share-based payment transactions with non-employees involve compensating parties other than employees, such as suppliers of goods and services.
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