ifrs 15 pdf pwc

IFRS 15, the IASB considered the need to balance being responsive to issues raised to help entities implement IFRS 15 but, at the same time, not creating a level of uncertainty about the Standard to the extent that the IASB’s actions might be disruptive to the implementation process. Purpose of this document 1 What may change? It is imperative that entities take time to consider the impact of the new Standard. Effective from January 2018, IFRS 15 is the new standard on Revenue from contracts with customers. 140 0 obj <>/Filter/FlateDecode/ID[<7C1112DD9DB9AF4393EC89E56687419D><3AA0F639C983F24AA3058E641D8BA109>]/Index[116 42]/Info 115 0 R/Length 108/Prev 356487/Root 117 0 R/Size 158/Type/XRef/W[1 2 1]>>stream It applies to an annual reporting period beginning on, or after, 1 January 2018. /CreationDate (D:20160629155652+04'00') PwC 116 0 obj <> endobj Skip to content Skip to footer. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). /Author The new revenue standard is effective for IFRS reporters for annual reporting periods beginning on or after 1 January 2017. In some cases, IFRS 15 will require significant changes to systems and may significantly affect New IFRS 15 How will the new IFRS 15 standard affect your company? The standard specifies how, and when, an IFRS reporter will recognise revenue. The new revenue recognition standard introduces a new model for revenue recognition, and while it may not have a broad impact on some aspects of the retail and consumer industry, certain areas will be significantly affected. 1 of 3 Save and exit Continue Cancel Rp�kHe��^�%e2�ha,v��M��Q��%s�.�� s��g��T��`�!�9��Wnng �|m��l>˚��Zzv��x��[{5o�ֳE�Mgwq��_{�m�6��w��^�:/Wgӥ/ۼݝ�;�ʛ�ޝ ��g��ͦ�k\�E�,h��ܷ�pB�g�k��[�N��R[vYd�PVe;UߒU��"oiX��y�;�ޏa��խ�a\�ϻ��%�n4�)[{6��v4�Mz4�1�EV�y[�v��@4��ũ9g�6+�Ű\� Transition to IFRS 15 provides a real opportunity to refresh, renew and enhance your revenue processes through adopting the standard. All IFRS reporters will be impacted by IFRS 15 when it becomes effective in 2018. IFRS 15, Revenue from Contracts with Customers; and rights held by lessee under licensing agreements within the scope of IAS 38, Intangible Assets, for items such as motion picture films, video recordings, endobj Menu . IFRS 15 for the software industry: PwC In brief INT2019-01 . h�b```��%� cc`a�X��s��%��*00��:}S��e�˃��V��bF��C�7|L��W� ��y-�krHͽd��b��2�g;TR)�&ܛY.ag1ψ�1w�q.�1�y�H��s�g��l�V� lZB �h� PwC ��'F�,��4�vS��l��*sylJÛ&�3;�� z�s��#�Bmc��6�|}d�{��F�;�"�?�z�b�!J�4�o}��s�� G��TO`eٟN`}�GE��q� �/H��y�:�Ǉ��C.��\�+�(��+.��E%��-��Oxw��q�߫F�Z_�&>�� W��[��ɧx��d��go��P��U��S/瘱�l6Y��Ů��U]m7�fxD� �:P Meeting the requirements of the new standards has implications that extend much further than accounting. endstream endobj 120 0 obj <>stream The IFRS 15 programme will be delivered by a highly sought after experienced IFRS expert with practical industry experience who is also a dedicated PwC's Academy staff. H��Tˎ�@��+��z�{��@ �p0��فOu��@��v�3=�U�5��W�WQlcGUC��$��6�S�q�˂��9r�Js�қ/��Λ=�m�mSˡ��l�m��[Ӯ�٥֙/��Vn�J,Y݆? 8��U��Sr��a��>�oo�q3޹*�{㘜^v�ڠﰹ��"��\P@>��b��\�u�^ؠ\� F��/�s��b�PS��@�ts{4z�� ֤ Shipping Terms30 . At the end of May 2014, IFRS 15: Revenue from Contracts with Customers (IFRS 15) was released. Factoring of receivables and the effect on the cash flow statement. Companies that have commenced their initial impact assessment have been surprised at the length and complexity of the implementation phase. )��wfw��T��F�� n��V�9m? Not adopted at time of publication 8 1 January 2022 Amendments to IAS 1, ‘Presentation of financial statements’, on classification of liabilities Annual periods on or after 1 Jan 2022 Early adoption is permitted Not adopted at time of publication 6 . IFRS 15 contains both quantitative and qualitative disclosure requirements for annual and interim periods. reporting periods beginning after 15 December 2016 (for example, 1 January 2017 for an entity with a 31 December year end) under US GAAP. %�� m�^x�o`5��l��[��ìi� � ��{&�y��Y(b/4EL%�Z�T�@z�� S�\+)B@#uD�PV�V� 귔�>ӎh#q��j�\��1�,��#j��^c>�D_�}�吴Nʆ˸,%�&)�RCF� �"X� /Length 5 0 R According to research conducted by PwC worldwide, 77% of clients surveyed believe that the new standard of revenue recognition will affect their companies! �b��,��9�g��f�R*3�O)�۸�=��c��-i��#t}�ܵ��*�� R�"# d�7��g`bd`�``��#@� ��^ 0 %�� How will revenue recognition be impacted by shipping terms when the contract involves the sale of a good? IFRS 15 the basics â Introduction to the standard. � 4g`��9��@��Sq�l`��r�1�3j҆*lb{֘h(&;1��O��? Step 1 – Identify the contract 6 Step 2 – Identify the performance obligations 8 Step 3 – Determine the transaction price 10 Step 4 – Allocate the transaction price 14 Step 5 – Recognise revenue when (or as) the entity satisfies a performance obligation 16 . Publikationen er søgt opbygget på samme måde som IFRS 15 â det vil sige med forklaring af indholdet af de enkelte trin i standardens 5-trins model. June 2017. Ax��|��O��q�w&�86H�ȱ�� T�PgS�7. impacts of the IFRS 15. IFRS 15 requires a comprehensive implementation plan. Focusing on the principle of âcontrolâ rather than on ârisk and rewardsâ, IFRS 15 outlines a single model for revenue recognition from contracts with customers in all industries. IFRS 15 and IFRS 9 are applied. standard and the related interpretations under IFRS. �_�Gu�S�u�]/�Լ� �@��3��}.��i��N-�:*�?��j o��Vxg�/�56�� |��V��K�de�oM�r��N�7+��r5Y�1�o� ��s�4�] �_ ��- IFRS 15 must be adopted fully retrospectively by a first time adopter, hence the simplified transition method is not available. Publication date: 04 Feb 2019 . ��|L(e��B4 Factoring of receivables and the effect on the cash flow statement. PwC IFRS 15 - In practice 5.Recognise Revenue: as benefits are consumed: Over time/ at point in time 5.Recognise Revenue: as benefits are consumed: Over time/ at point in time â¢ IFRS15 Handset revenue â¬435 On the date the handset is provided to the customer â¢ IFRS 15 Service revenue â¬626 Over the 24 month period (most likely â¬26 A one-year deferral will apply to non-public entities under US GAAP. The long-term impact on your company could … :7��r��W��;W�T��9G� :G��㪙�}ep�ׄ�9�?��.��Qj��J�5��%��\@b�$��x�R/�S�Qa� _��z�7��3R�+cBL�� r-u��*�0T�A�8�� stream PwC Jeudi 3 juillet 2014 Intervenants 2 Philippe Vogt Associé PwC 01 56 57 84 20 [email protected] Olivier Schérer Associé PwC 01 56 57 69 65 PwC outlines the issues and how we can help. �� IFRS 15 will permit an entity to either apply it retrospectively in accordance with IAS 8 or modified retrospectively (that is, including the cumulative effect at initial application date in opening retained earnings (or other equity components, as appropriate)).IFRS 15 also provide certain practical expedients that an entity could elect to apply to simplify transition. ��. /Producer IFRS 15 requires revenue be recognized either over time or at a point in time; this may impact the timing of revenue recognition when applying IFRS 15 versus IAS 18/IAS 11. We are referring to the amendments to IFRS 15, "Revenue from Contracts with Customers", approved by the International Accounting Standards Board. IFRS 15, regardless of whether accounting differences occurred. IFRS 15 is addressed in the Manual of Accounting chapter: Amendments to IFRS 17, ‘Insurance contracts’: PwC In brief INT2020-10. impacts of the IFRS 15. The disclosure requirements discussed in this publication relate to annual periods, unless indicated otherwise. Latest insight IFRS 15 Revenue: Practical experiences from the market. The new requirements will affect different companies in different ways. One example, in relation to accounts receivable, could be an entity where there is an outstanding debtor balance disputed by the customer due to the quality of the product provided. Recognising this, PwC has developed an IFRS 16 Lease Accounting Tool to support lessees who want an accurate, reliable and cost-effective accounting solution. This first video covers the basic principles including the 5 step model as an introduction to IFRS 15. for companies using IFRS to apply the new revenue standard was for reporting periods beginning on or after 1 January 2017, while public companies using US GAAP would be required to apply it to annual reporting periods beginning after 15 December 2016. Actualités techniques PwC IFRS 15 Nouvelle norme sur la comptabilisation du chiffre dâaffaires Jeudi 3 juillet 2014 www.pwc.fr . â¢ Existing IFRS revenue recognition guidance is being replaced â¢ IFRS 15 introduces a new 5-step model with a focus on when âtransfer of controlâ occurs (rather than when ârisk and rewardsâ pass) proposed amendments to IFRS 17, ‘Insurance Contracts’ At a glance. Recognition occurs The amendments are effective from 1 January 2021. %PDF-1.7 %�� We can help you grasp the opportunity to improve as well as comply. H�dSMO�0��W�і��$^!$��@� ��!�RD�n?��o�.�!�� Fㅥ�ev��,��\el��<7��6�4�g9wY�`�XP��EI��`��p��@�I6�Κl�4LL��V��D�(T�q1xj٣:�9��fkX-t^��N��r5��S�ν ��ܱ�r�GzDv�Kg IFRS 15 for the software industry: In brief INT2019-01 . IFRS 15 sets out a single model for the recognition of revenue that apply to all contracts with customers. Not adopted at time of publication 8 1 January 2022 Amendments to IAS 1, âPresentation of financial statementsâ, on classification of liabilities Annual periods on or after 1 Jan 2022 Early adoption is Factoring of receivables is a wellestablished method of obtaining finance, sales ledger administration services or protection from bad debts. IFRS news November 2019 PwC | 5. /ModDate (D:20160629155652+04'00') Home | COVID-19 | Better communication | Business combinations | Financial instruments | Insurance | Leases | Revenue | Sustainability reporting. The customer subsequently returns the product and the Supporting commentary is also provided. IFRS 15: the new revenue recognition standard. take stock â to pull together, in one place, what we have learned about this new world of revenue recognition. At a glance. endstream endobj 123 0 obj <>stream Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. %PDF-1.4 PwC I.2 Right of return (contâd) 9 Retail and consumer âIFRS 15 solutions June 2018 Solution Situation A Revenue is recognised when the watches are delivered and a liability deducted from revenue for expected returns. 11. iv. IFRS and Swiss CO financial statements are based on two independent sets of accounting framework, so there is no requirement to apply the IFRS 15 guidance to Swiss CO financial statements. The standard provides a single, principles based five-step model to be applied to all contracts with customers. �ɚN�d�m��7��l��-��A!ʧ@�C�)e*L"] The financial statements comply with International Financial Reporting Standards (IFRS) as issued at 31 January 2020 and that apply to annual reporting periods commencing on or after 1 January 2020, including IAS 34 Interim Financial Reporting. The IASBâs Standard IFRS 15 Revenue from Contracts with Customers is now effective (for periods beginning on or after 1 January 2018 with earlier adoption permitted). }�9 qH{��V��kJ�͂��u��T��Cv]lӦ��9��&:��$��\�:��C�}ߤ� �w0W�dƑ�KO��x��%��>@B�D?nZq��i2�!�N�.h!��kM�{��!bЯ��E��&֏n߀�[_��n�UH�͎�V'v��*�vx8��ms�! ��@��X!��m: ��50��.M�L�x��q��͵7�glr��O��w�I姟��r��@IȎ�7 a�F��wDFZ�Is��V0�{��|��]��e>�x��~�}L��"��$#'�,d��~��2j�T;v*�S~Lg�n�B��m�?m�~��'��<0��KB��"TXoo��"Cȡ[%��յ'.R��@��w�q�\��B�~ �=9��uf��|bn�)#u�q3^��,�j.n9&��'d}Z� ˢ{My^"��P�S\�� 4۩��Tp��~�C[��2�_ A one-year deferral will apply to non-public entities under US GAAP. It is imperative that entities take time to consider the impact of the new Standard. H��R�j1��+��H�l��= reporting periods beginning after 15 December 2016 (for example, 1 January 2017 for an entity with a 31 December year end) under US GAAP. >> 4 0 obj It also requires such entities to provide financial statement users with more informative and relevant disclosures. IFRS 15 . All companies need to assess the extent of the impact, so that they can address ��@�!ȿxK_*j[�^��tw{��#f�b|m�e��؟�$UTI+W,ڹii�� D��S��w�H]��|�^F̥�u�o�T�2�!��ֳ��w��p:�� The new requirements will affect different companies in different ways. Search . Entities that currently recognize revenue using the percentage of completion or proportional performance methods will need to re-evaluate whether revenue should be recognized over time or at a point in time. IFRS 15: Revenue. lQp�T>�&1o�|Ͽ��f@��"��E�Xj�_vt9��S߂0�o � F�0��c�rџ�ç�|�!�O0{�0.��k��v��8.h�T[{xh`֜^Ѩ�⮾H\� �a� ��Y7z�zp�SV~H�3� ��@��;? IFRS 15 Revenue from Contracts with Customers — Your Questions Answered. TIAG perspectives on lease term under IFRS 16: PwC In depth INT2020-01. IFRS News July 2019 PwC | 3. IFRS 15 Revenue from Contracts with Customers was issued in May 2014. Companies that have commenced their initial impact assessment have been surprised at the length and complexity of the implementation phase. Publikationen er søgt opbygget på samme måde som IFRS 15 – det vil sige med forklaring af indholdet af de enkelte trin i standardens 5-trins model. Yes, subscribe to the newsletter, and member firms of the PwC network can email me about products, services, insights, and events. /Filter /FlateDecode Effective from January 2018, IFRS 15 is the new standard on Revenue from contracts with customers. The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. On 22 October 2019, the IASB (‘Board’) considered the feedback gathered from the outreach activities undertaken by Board . The standard should be applied retrospectively unless impracticable. /Creator << PwC webcast on IFRS 15, 'Revenue from contracts with customers' Publication date: 02 Jun 2014 The IASB and FASB have issued a converged standard on revenue and in this webcast , Tony de Bell gives an overview and outlines the main changes of the standard. ,�MB%�w ��F賅G�?�,B��(榸i%��劝��r��m��8��Pb��NE�3��Jt�^�RHW1y�$\��A��w3lڴ��Ǵ��\�m��Y"iGp�4��h��X��#�b��z`H�=s�� h$��[J��y"fF4��+�D�~ �.�W �x�0/�6�|,N�f�m�~��zʷ[�h\?��zw��Ƿ'��s�h\��(K�� G �=��@�ۤ~|L�!�fABe��PZ�'� �&`δ��r8a��27nc�D޴�v�]��,��B��Kd~��'�� { ��+D��ZSIt��57��a��ǣ�n�k_��x|9;k�� ]�S�H7/��->ٙ�G�� Gt�� l��hBN;4�:x�f]S�2��&zG�6� Vi har medtaget et kort afsnit om forskellene mellem IFRS 15 og årsregnskabsloven, så pub-likationen derved også kan bruges i de virksomheder, som første gang skal over på IFRS. IFRS 15 refers to a performance obligation as a promised good or service $i.e., promise in a contract$ that is distinct. IFRS 15 Revenue from Contracts with Customers 2 Defined terms IFRS 15 defines the following terms that form an integral part of this IFRS. -�-�zڶ ! IFRS 16 COVID-19 Related Rent Concessions Amendment: PwC In depth INT2020-05. INT2014-02 Are you good to go? {�J��M[��x:!�7R9eiנ�i�� for airlines. Factoring of receivables is a wellestablished method of obtaining finance, sales ledger administration services or protection from bad debts. Your key contacts Marc Minet IFRS Leader & IFRS for Operational Companies +352 49 48 48 2120 [email protected] Kenneth Iek IFRS for Real Estate & Asset Management +352 49 48 48 2278 [email protected] Fabrice Goffin IFRS for Banking +352 49 48 48 2155 [email protected] Malik Lekehal IFRS for Private Equity IFRS 15 may change the pattern of revenue and margins. The questions and solutions posed in this publication are derived from PwC network partners, who provide services to some of the worldâs largest retailers and consumer companies. standard on revenue from contracts with customers (IFRS 15 and ASC 606, hereafter, the ‘new revenue standard’) excludes insurance contracts within the scope of IFRS 4, ‘Insurance Contracts’ (“IFRS 4”), and, under US GAAP, those within the scope of ASC Topic 944 – ‘Financial Services – Insurance’. ifrs 15 - é¡§å®¢ã¨ã®å¥ç´ããçããåçã«é¢é£ããã³ã³ãã³ãã¨ãã®ãªã³ã¯åãã¾ã¨ãã¦ãã¾ãã IFRS 15 is based on the transfer of control as opposed to the transfer of risks and rewards. endstream endobj 122 0 obj <>stream However, in July 2015 the IASB and FASB confirmed a one-year deferral of Search. 12. It has long been understood that the software industry would be one of the industries more significantly affected by the adoption of IFRS 15. 157 0 obj <>stream IFRS 15 may change the pattern of revenue and margins. * Global PwC Lease Capitalisation Research 2015 Old treatment for lessees: â¢Service contracts off balance sheet â¢Operating leases off balance sheet ... consider making all the changes from the new wave of IFRS (9, 15 and 16) in one go for 2018 â¢ Lease data is â¦ All companies are impacted by the disclosure requirements of IFRS 15, the revenue standard. Did you know that IFRS 15 is the first standard to fully integrate the accounting solutions of both accounting systems: IFRS and US GAAP? x��\YoG�~'��Џ]�Y�G��gґ]��WVӿ��]��W�g�?u��a��y��*�ݦs�1nܸZ��=��k��O�u~�_�g��MV-�1�7�[�v�t={}݄�_o?4~�s�=5.�4x�\tqӭ�n�맦یy�m��خI&��[[��f��T]Zǧ�D�걹6��Z\Z Illustrative IFRS consolidated financial statements - Investment property 2019 �� 13 . This guide considers the theoretical concepts with regard to the impairment of accounts receivable under IFRS 9, and it provides some practical insights. An entity shall account for a contract with a customer under IFRS 15 only when all of the following criteria are met: (a) the parties to the contract have approved the (binding) contract; (b) the entity can identify each party’s rights regarding the goods or services to be transferred; (c) the entity can identify the payment terms for the goods or services to be transferred; (d) the contract With only a couple of years before the effective date, we can help you: Get organised. PwC observation: insurance contracts with potential service components under IFRS Where a contract as a whole qualifies as an insurance contract and, in accordance with IFRS 4, unbundling is not 15 The course content is designed and approved by PwC's Academy which is the education arm of one of the world's most prestigious accounting firms. h�bbd``b`�$ & ��bU�$z@,�$��D��A�\KH0��Q V*�P8$�B��,H�b�� >> H�LS��1��.g��N�8-!�!F�@h��w��ݽ&γ_��y��"m'�ܒbͱP$:m�p��p��D��h�h߼�豛T[V�d,��C�2��K.�Ͱ�axnXϋq�/q��y�&��Qg�%ex�f3ֳ; �V��0Wn�_ �=��m��A��q*�i^�ezY��w��7/��vzwG�^��n pJ�s�vL��k"m�ٕ��%�y��>��g:��My��?Ѯ.��֔�fv��a�8�%�f%dY�6^��hQn�WTY��.�*�e F2k�(�Z��-@�+N= X�d\�� T�!$��ʊ;1]Ur�ׂ^�z�H�pt��+��dcw�::Ѭ�\��j�u~��7�HA}w(ǮP�L�z��S;�7d\��7.�Ոm�⤧0��z:��2ԉ� The tool offers a Day-1 impact assessment, plus ongoing journal entries and outputs for business as usual financial reporting under the new standard. IFRS 15 requires a comprehensive implementation plan. Contents. Under IFRS 15, an entity discloses more information about its contracts with customers than is currently required under IAS 18 IFRS News July 2019 PwC | 3. Qls��t�X�M�Ō��͞�M�� j��Mo�*��]i��f�cpN�� buX;.��q��;v�k��SA�r��`��N-��*�O��4f'��r+�g@��X��.RW@�6�tY�`L�S��5G �cv/K��K��j;A2�! If youâd like to know more, contact us: Tsvetana Tsankova, Partner, Assurance Services +359 2 93 55 200 [email protected] Jock Nunan, Partner, Assurance Services Leader +359 2 93 55 200 [email protected] The course content is designed and approved by PwC's Academy which is the education arm of one of the world's most prestigious accounting firms. 4. IFRS 15: Revenue. Given the pervasive nature of IBOR-based contracts, the amendments could affect companies in all industries. IFRS 1 mirrors the transition guidance set out in Appendix C of IFRS 17. Vi har medtaget et kort afsnit om forskellene mellem IFRS 15 og årsregnskabsloven, så pub-likationen derved også kan bruges i de virksomheder, som første gang skal over på IFRS. This standard outlines a single comprehensive model of accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. )Ո��L��ٻ��5��Q1ǧ�2Fs�Q\J��-1zK�N ��>d]!o�F��L0��/��T0l�ӿ6X�r��iF��V3��' h��Vmo�6�+��b��.��@^�m��Z4ݺ��_�K�s��v�˿)�Ҵ��l� �@��E>�,�pZ��Q( � 9� (�PZP��(#�k��$heЉ@_�`S1. IFRS 17 applies to annual periods beginning on or after 1 January 2021, with earlier application permitted if IFRS 15 and IFRS 9 are also applied. Application guidance. The IASB’s Standard IFRS 15 Revenue from Contracts with Customers is now effective (for periods beginning on or after 1 January 2018 with earlier adoption permitted). Mx�7I��Ka�sh�cn�� ۺ�JY�a ��C�~2�ɬ�B�ٙ ��a*ޤ��A�P2� /|��N�$Sy"p"�@F 3 When to apply IFRS 15 4 4w to apply the model Ho 6. Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. 1 0 obj ��n9�@�rl��T`81{��ጽ�I��ӿ)g� �p�H��d��58IRȲ��u6I ��Q��.�"��?p��6�K��˲�ج� "ƃ << �-�+��,�|�� aw��_PC �� js��4�6�.z��D�rg�>� The IASB noted that, when new Standards are issued, there are PwC IFRS 15 - In practice 3&4.Transaction price: Determine/ Allocate (RFV, SSP) • Transaction price €1.060 • Service SSP €30* 24= €720 • Handset SSP €500 • Total discount €160 (or 15%) • IFRS15 Handset revenue €435 • IFRS 15 Service revenue €626 . [_i�T=�8vZ�ؘ�bo�M�g5~aG�1X:Msr�@g5��V~�pXk��maP̳�{uFKkv0�Rd� ��boo%+7Km�ȅ��A�,z95VT�@ɹ(X��R�D�ܑ�ܑ�?yk t�8�JG�. › IFRS 15 – Illustrative disclosures. endstream endobj 124 0 obj <>stream requirements of IFRS 9: this includes PwC’s Manual of Accounting, with frequently asked questions, and various In depth and In brief guides. Are you struggling with IFRS 15 ' Revenue from Contracts with Customers'? ... - âGEM18.15â indicates paragraph 15 of Chapter 18 to the GEM Board Listing Rules; ... PwC VALUE IFRS Plc 5 30 June 2020 . The short series of videos "IFRS 15 the basics" will quickly help you with the key points in IFRS 15. Does this mean the transfer of risks and rewards is no longer relevant? 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