Get the free HKFRS 15 - REVENUE RECOGNITION

HONG KONG COMMUNITY NETWORK Member Enrollment Form Membership No.(Please use block letters) Name(Chinese)////(English)Mr / Ms/ Miss/ JP/ Dr Nationality (Chinese) Address(English)(Home)Phone No. (Fax

How to fill out hkfrs 15 - revenue

How to fill out hkfrs 15 - revenue

1. To fill out HKFRS 15 - revenue, follow these steps:
2. Begin by understanding the scope of HKFRS 15. Revenue from contracts with customers is the primary focus of this standard.
3. Identify the contract with the customer. Evaluate if there is a legally enforceable agreement, the contract has commercial substance, the parties' rights have been identified, payment terms are defined, and collectibility is probable.
4. Separate performance obligations. Determine the distinct goods or services within the contract that need to be accounted for separately and allocate the transaction price to each obligation.
5. Determine the transaction price. Assess the amount of consideration expected to be received in exchange for providing goods or services.
6. Allocate the transaction price to performance obligations. Allocate the transaction price based on the standalone selling prices of each distinct good or service.
7. Recognize revenue when performance obligations are satisfied. Revenue should be recognized when control of goods or services is transferred to the customer.
8. Measure progress. Measure and recognize revenue based on the transfer of control over time or at a point in time, depending on the nature of the performance obligations.
9. Disclose required information. Provide relevant disclosures in the financial statements regarding revenue recognition policies, the disaggregation of revenue, and significant judgments and estimates used.

Who needs hkfrs 15 - revenue?

1. Any entity that prepares financial statements in accordance with the Hong Kong Financial Reporting Standards (HKFRS) framework needs to comply with HKFRS 15 - revenue.
2. This standard is particularly important for entities that enter into contracts with customers and generate revenue from such contracts.
3. Industries such as telecommunications, construction, software, real estate, and professional services often have complex revenue recognition processes and need to adhere to HKFRS 15.
4. Investors, analysts, and other stakeholders also benefit from the standardized revenue recognition principles provided by HKFRS 15, as it enhances comparability between different entities and industries.

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What is hkfrs 15 - revenue?

HKFRS 15 is a revenue recognition standard that sets out the principles and requirements for recognizing revenue when goods or services are transferred to customers.

Who is required to file hkfrs 15 - revenue?

Entities that prepare financial statements in accordance with Hong Kong Financial Reporting Standards are required to file HKFRS 15 - revenue.

How to fill out hkfrs 15 - revenue?

HKFRS 15 - revenue should be filled out based on the specific guidelines provided in the standard, ensuring that all relevant revenue information is accurately reported.

What is the purpose of hkfrs 15 - revenue?

The purpose of HKFRS 15 - revenue is to provide a comprehensive framework for recognizing revenue from contracts with customers, ensuring consistency and comparability in financial reporting.

What information must be reported on hkfrs 15 - revenue?

HKFRS 15 - revenue requires entities to report information related to the identification of contracts with customers, performance obligations, transaction price, and the allocation of revenue to each performance obligation.