Compare the differences between IFRS 15 and VAS 14
IFRS 15
-IFRS 15 will have a method of
determining revenue through 5 main
steps:
      Determination of contracts with
passengers
      Determination of performance
obligations
      Determine the transaction value
      Allocation of transaction value for
each task in the contract
      Record revenue when each task is
completed
The introduction of IFRS 15 "Revenue
from contracts with customers" replaces
the following regulations and standards:
IAS 11, IAS 18, IFRIC 13, IFRIC 15,
IFRIC 18 of IASB, SIC 31 of FASB.
emphasis on control.
allows to unify all types of income in the
process of recognizing  Through this
to identify all types of revenues and
profits obtained from customer contracts.
Request:
 Customer contracts
 Any assets recognized from the
cost of obtaining a contract with
the client
 Important estimates and the
VAS 14
As for Vietnam Accounting Standard
No. 14, there is absolutely no mention of
these determination steps.
The purpose of this Standard is to
prescribe and guide other principles and
methods of accounting for revenue and
income, including: the time of revenue
recognition, types of revenue, methods
of accounting for revenue and other
income as the basis for bookkeeping and
financial statement preparation.
VAS 14 has 5 conditions for recognizing
sales and service revenue, this standard
emphasizes risk transfer as a benefit
there are clear regulations on standards
for recognizing revenue from dividends,
royalties, interest and divided profits,
and there are additional specific
regulations on other sources of profit and
income.
Request:
 Sales revenue
 Revenue from providing
products/services
 Profits, dividends, royalties and
interest are distributed
 possibility of changing those  Revenue from the exchange of
estimates for each contract products or services according to
each of the above types of
 
activities
 Other income, which specifically
presents extraordinary earnings
 
2 Method : Revenue recognized from time to time
      Overtime revenue
      Revenue recognized by time
(point in time)
Determined by value reflects the Determined according to the fair value of
expectations that the business expects to the amounts collected or to be collected
absorb by the enterprise
      Contracts with customers       Applicable accounting policy
      Critical judgments and changes in       Revenue for each type of
judgment transaction and event
      Assets are recognized from the       Revenue from the exchange of
cost of receiving the contract goods and services
      Other income
Contractual obligations must be both There is only one obligation
before and after
 
Citing sources:
https://accaonline.edu.vn/so-sanh-ifrs-15-va-vas-14/
https://www.pwc.com/vn/vn/services/assurance/ifrs/ifrs-15.html
https://docs.kreston.vn/vbpl/ke-toan/chuan-muc-ke-toan/vas-14/