•when customer •when the entity had 1) its contracts with customers; To establish the principles that an entity

paid the amount transferred the 2) significant judgments, and changes in

prior to the goods or services shall apply to report useful information to
transferring of and the customer judgments in applying the guidance; and
3) any assets recognized from the costs to users of financial statements about the
goods or services has not yet paid.
obtain or fulfill a contract with a customer. nature, amount, timing, and uncertainty of
Contract Contract revenue and cash flows arising from a
liability asset contract with a customer.

Applies to all
contracts with
customers
except for:
Revenue from Contracts with
Customers

ASSET EXPENSE 1 IAS 17 Leases

If the associated
If expected to amortization will
recover the cost IFRS 9 Financial instruments and
be 1 year or less 2 Contractual rights or obligations
1 Identify the contracts w/ a customer
IFRS 10 Consolidated financial
3
A distinct goods or services Statements
2 Identify the performance obligations
4 IFRS 11 Joint Arrangments
A series of distinct goods or services that
are substantially the same and have the same 3 Determine the transaction price
pattern transfer to the customer. IAS 27 and IAS 28 Investments in
5 associates and Joint Ventures
4 Allocate the transaction price to
Adjusted Expected cost Residual performance obligations
market plus margin approach 6 IFRS 4 Insurance Contracts
assessment approach
5 Recognize revenue
approach
Methods to be used in estimating Non-monetary exchanges bet.
7
entities in the same industry
Input Method
Over time- recorded as the entity Point in time- recorded when the control is
Input Method progresses towards completion passed at a certain point in time.