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Effects of the new revenue recognition policy IFRS 15 for multinational Retail companies

2022-05-25 Business & Economics
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Release : 2022-05-25
Genre : Business & Economics
Kind : eBook
Book Rating : 820/5 ( reviews)

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Book Synopsis Effects of the new revenue recognition policy IFRS 15 for multinational Retail companies by : Annika Specht

Download or read book Effects of the new revenue recognition policy IFRS 15 for multinational Retail companies written by Annika Specht. This book was released on 2022-05-25. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (postgraduate) from the year 2021 in the subject Business economics - Accounting and Taxes, grade: 88%, Manchester Metropolitan University Business School, course: Corporate Reporting, language: English, abstract: The International Financial Reporting Standard 15 (IFRS 15) - Revenue from Contracts with Customers, announced in May 2014 by the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB), has widely changed the way how companies recognise, measure and disclose revenues. This article investigates the question of whether the objectives to eliminate inconsistencies, improve comparability and increase revenue levels were achieved in practice. The aim is to synthesize previous research on the various effects of the IFRS 15 implementation, specifically the accounting and information effects, and provide empirical evidence for the impact on financial statements. As available literature has identified the effects for the Retail sector only superficially without any quantification, this article aims to bridge current knowledge gaps by focusing on Retail companies. To carry out this research, the author has selected four multinational Retail companies to review qualitative and quantitative information on the IFRS 15 implementation from their annual reports to determine possible accounting and information effects. Results show that IFRS 15 had no significant but slightly positive impact on the financial figures of the selected companies, leading to the conclusion that the persued goal to improve revenue levels turned effective in the Retail sector.

The Amendment of Revenue Recognition Guidance in International Financial Reporting

2017
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Release : 2017
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Book Synopsis The Amendment of Revenue Recognition Guidance in International Financial Reporting by : Katja Weiße

Download or read book The Amendment of Revenue Recognition Guidance in International Financial Reporting written by Katja Weiße. This book was released on 2017. Available in PDF, EPUB and Kindle. Book excerpt: Revenue is a key indicator in assessing a company's financial performance. For years, the accounting standards on revenue recognition under IFRS and US GAAP have been criticized for inconsistencies leading to a lack of comparability at the international level. To harmonize standards and to improve the quality of international financial reporting, the IASB and the FASB formed a joint project to develop a uniform standard for revenue recognition. The overall objective of this work is to analyze how the new standard, IFRS 15, can affect the quality of external reporting. For this, a detailed literature review introducing the concept of accounting quality was conducted. Based on the study of Collins et al. (2002) who developed a list of accounting pronouncements characteristics, a set of potential quality criteria for a high-quality accounting standard was assessed. To evaluate the impact of IFRS 15, the detailed regulations of the standard were explained and significant changes in comparison to the current regulations under IFRS were emphasized. Based on a qualitative exploratory analysis of subject-specific publications, as well as self-conducted expert interviews, the main effects of IFRS 15 were demonstrated. Finally, it was evaluated and assessed whether IFRS 15 fulfills the examined quality criteria and which impact the amendment might have on the quality of information provided to users of financial reports. Findings imply that particularly the informational characteristics, referring to the ability of IFRS 15 to generate and display decision-useful information for users, will improve and therefore have a positive effect on accounting quality. Although companies, particularly in the year of initial application, will face challenges in operational and formal implementation, it is expected that IFRS 15 will improve accounting quality in the long run.

Ifrs 15

2017-07-20
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Release : 2017-07-20
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Book Rating : 701/5 ( reviews)

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Book Synopsis Ifrs 15 by : Leo Lehr

Download or read book Ifrs 15 written by Leo Lehr. This book was released on 2017-07-20. Available in PDF, EPUB and Kindle. Book excerpt: Companies are required to implement a new accounting standard in January 2018 - the IFRS 15 standard for revenue from contracts with customers. In the process, they have the unique chance to do more than just fulfill a regulation: The implementation is an opportunity to critically assess processes for revenue accounting and improve inefficient "business-as-usual" processes. When the standard is implemented together with process improvements and powerful software, your company can gain a competitive advantage and significantly lower the cost of becoming compliant. Those companies that drag their feet and have to comply on a manual basis each month after January 2018 will be at a disadvantage, due to the high cost of manually reconciling accounts and creating reports. In this book, you will learn the regulatory background of IFRS 15 and how to best meet the challenges associated with implementation, based on examples from the telecommunications and software industries. "IFRS 15: Revenue from contracts with customers, with SAP Revenue Accounting and Reporting" prepares organizations for the impact of the standard on processes throughout the company that are related to revenue recognition. The authors explore: - How the most important IFRS 15 framework, the 5-step model, works - How different areas of your company will be affected by IFRS 15 - How IFRS 15 implementation works with the solution from one vendor, SAP's Revenue Accounting and Reporting (SAP RAR) module.

The New Standard IFRS 15 Revenue from Contracts with Customers

2014
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Release : 2014
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Book Synopsis The New Standard IFRS 15 Revenue from Contracts with Customers by :

Download or read book The New Standard IFRS 15 Revenue from Contracts with Customers written by . This book was released on 2014. Available in PDF, EPUB and Kindle. Book excerpt:

IFRS 4 Insurance Contracts

2004 Business insurance
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Release : 2004
Genre : Business insurance
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Book Rating : 496/5 ( reviews)

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Book Synopsis IFRS 4 Insurance Contracts by : International Accounting Standards Board

Download or read book IFRS 4 Insurance Contracts written by International Accounting Standards Board. This book was released on 2004. Available in PDF, EPUB and Kindle. Book excerpt:

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