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Contract assets and receivables shall be accounted for in accordance with IFRS 9. These include, but are not limited to: [IFRS 15:31-33], An entity recognises revenue over time if one of the following criteria is met: [IFRS 15:35], If an entity does not satisfy its performance obligation over time, it satisfies it at a point in time. IFRS 15 is to be applied retrospectively using either a full retrospective approach (subject to certain practical expedients) or a modified retrospective approach. DTTL and each of its member firms are legally separate and independent entities. An entity that chooses to apply IFRS 15 earlier than 1 January 2018 should disclose this fact in its relevant financial statements. [IFRS 15:74] If a standalone selling price is not directly observable, the entity will need to estimate it. Page 15 Revenue from contracts with customers IFRS 15: the new revenue standard Example: Identify performance obligations Multiple performance obligations in a contract Entity enters into a contract to manufacture and install customised equipment and provide maintenance services for a five-year period Recognise revenue when (or as) the entity satisfies a performance obligation. the contract has been approved by the parties to the contract; each party’s rights in relation to the goods or services to be transferred can be identified; the payment terms for the goods or services to be transferred can be identified; the contract has commercial substance; and. Where the entity has performed by transferring a good or service to the customer and the customer has not yet paid the related consideration, a contract asset or a receivable is presented in the statement of financial position, depending on the nature of the entity’s right to consideration. A practical expedient is available, allowing the incremental costs of obtaining a contract to be expensed if the associated amortisation period would be 12 months or less. any assets recognised from the costs to obtain or fulfil a contract with a customer. Such revenue is recognised only when the underlying sales or usage occur. Whether the latter type of modification is accounted for prospectively or retrospectively depends on whether the remaining goods or services to be delivered after the modification are distinct from those delivered prior to the modification. IFRS 15 revenue from contracts with customers The existing rules on revenue recognition in IAS 11 and IAS 18 and some IFRICs are sometimes accused of being lacking in detail. The residual approach in limited circumstances. Variable consideration is also present if an entity’s right to consideration is contingent on the occurrence of a future event. Step 2 – Identify the performance obligations in the contract: a performance obligation in a contract is a promise (including implicit) to transfer a good or service to the customer. The contract stipulates that both sides still have duties to perform before it becomes fully executed. Airlines may incur costs to obtain a customer contract that would otherwise not have been incurred. Also, depending on the industry and nature of the business, each of the five steps will have varying impact. the customer can benefit from the good or services on its own or in conjunction with other readily available resources; and. IFRS 15 contains specific, and more precise guidance to be applied in determining whether revenue is recognised over time (often referred to as ‘percentage of completion’ under existing standards) or at a point in time. the costs relate directly to a contract (or a specific anticipated contract); the costs generate  or enhance resources of the entity that will be used in satisfying performance obligations in the future; and, Performance obligations satisfied over time, Methods for measuring progress towards complete satisfaction of a performance obligation, Customer options for additional goods or services, the significant judgments, and changes in the judgments, made in applying the guidance to those contracts; and. Sometimes it’s hard to apply and imagine what it looks like. IFRS 15 replaces the following standards and interpretations: The objective of IFRS 15 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer. Contracts with customers will be presented in an entity’s statement of financial position as a contract liability, a contract asset, or a receivable, depending on the relationship between the entity’s performance and the customer’s payment. [IFRS 15:47], Where a contract contains elements of variable consideration, the entity will estimate the amount of variable consideration to which it will be entitled under the contract. Contract combination happens when you need to account for two or more contract as for 1 contract and not separately. The objective of IFRS 15 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer. 4. Please see, Telecommunications, Media & Entertainment, IFRS (International Financial Reporting Standards), Corporate Responsibility and Sustainability. Earlier application is permitted. Enforceability of the rights and obligations in a contract is a matter of law. handset, call minutes and data packages) and, accordingly, allocate the transaction price to each performance obligation based on an acceptable method. The standard provides a single, principles based five-step model to be applied to all contracts with customers. Currently, when a construction contract is changed, companies must use the rules set out in IAS 11 to decide if the modified contract should be accounted for as a separate contract. [IFRS 15:97], The asset recognised in respect of the costs to obtain or fulfil a contract is amortised on a systematic basis that is consistent with the pattern of transfer of the goods or services to which the asset relates. These topics should be considered carefully when applying IFRS 15. It will become effective on 1 January 2018, with retrospective application, and early adoption is permitted. [IFRS 15:18-21]. An entity should aggregate or disaggregate disclosures to ensure that useful information is not obscured. In order for IFRS 15 to apply, the customer contracts must meet certain conditions, as shown in the Figure 3 below. If not, it will be accounted for by modifying the accounting for the current contract with the customer. Under IAS 11 an entity that accounted for loss-making . Therefore in today’s article, I would like to show you HOW you should account for construction contracts under IFRS 15. Key findings • Timing of revenue recognition 5 • Variable consideration 9 • Revenue disaggregation 12 • Contract balances 13 • Significant judgements 14 • Costs to obtain or fulfil a contract 16 4. Leadership perspectives from across the globe. ifrs 15.10 The standard defines a ‘contract’ as an agreement between two or more parties that creates enforceable rights and obligations and specifies that enforceability is The entity’s performance creates or enhances an asset controlled by the customer. [IFRS 15:14]. A collection of Butterfly Effect stories highlighting how our Deloitte professionals are positively impacting the lives of women and girls around the world. retain prior period figures as reported under the previous standards, recognising the cumulative effect of applying IFRS 15 as an adjustment to the opening balance of equity as at the date of initial application (beginning of current reporting period). a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer. IFRS 15 supersedes the current revenue recognition standards including IAS 18 Revenue, IAS 11 Construction Contracts and their related interpretations. [IFRS 15:81], Where consideration is paid in advance or in arrears, the entity will need to consider whether the contract includes a significant financing arrangement and, if so, adjust for the time value of money. it is probable that the consideration to which the entity is entitled to in exchange for the goods or services will be collected. IFRS 15 became mandatory for accounting periods beginning on or after 1 January 2018. the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. ‘success fees’ paid to agents). The previous Standard for construction contracts required companies to include both incremental costs and other costs that relate directly to contract activities in measuring contract costs. A. 17 According to IFRS 15, an entity shall recognise the incremental costs of obtaining a contract with a customer as an asset if the entity expects to recover those costs. The benefits related to the asset are the potential cash flows that may be obtained directly or indirectly. IFRS 15 Revenue from Contracts with Customers is published by the International Accounting Standards Board (IASB). [IFRS 15:1] Application of the standard is mandatory for annual reporting periods starting from 1 January 2018 onwards. Contract modification is the change in the contract’s scope, price or both. Further detail about these specific requirements can be found at IFRS 15:113-129. Step 3 – Determine the transaction price: transaction price is the amount of consideration that the entity can be entitled to, in exchange for transferring the promised goods and services to a customer, excluding amounts collected on behalf of third parties. This paper deals with the accounting for direct selling costs incurred in obtaining passenger tickets. It still requires both debtor and counterparty to make further performance. [IFRS 15:107-108], The disclosure objective stated in IFRS 15 is for an entity to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Any impairment relating to contracts with customers should be measured, presented and disclosed in accordance with IFRS 9. the directly attributable variable costs and fixed allocated costs. The standard should be applied in an entity’s IFRS financial statements for annual reporting periods beginning on or after 1 January 2018. a single method of measuring progress would be used to measure the entity’s progress towards complete satisfaction of the performance obligation to transfer each distinct good or service in the series to the customer. Revenue will therefore be recognised when control is passed at a certain point in time. This will change for annual reporting periods beginning on or after 1 January 2018: IFRS 15 introduces three different approaches to recognising revenue when any contracts are modified. Contracts can be written, oral or implied by an entity’s customary business practices. When making this determination, an entity will consider past customary business practices. It is interesting to understand why some of the big real estate players in the region chose an early adoption of IFRS 15, and the majority of key telecommunication companies are making significant investments to assess its impact and have initiated implementation plans even prior to the date of adoption of the standard. IFRS 15 suggests various methods that might be used, including: [IFRS 15:79], Any overall discount compared to the aggregate of standalone selling prices is allocated between performance obligations on a relative standalone selling price basis. Step 1: Identify the contract with the customer, A contract with a customer will be within the scope of IFRS 15 if all the following conditions are met: [IFRS 15:9], If a contract with a customer does not yet meet all of the above criteria, the entity will continue to re-assess the contract going forward to determine whether it subsequently meets the above criteria. Scope and sample 4 3. [IFRS 15:60] A practical expedient is available where the interval between transfer of the promised goods or services and payment by the customer is expected to be less than 12 months. IFRS 15 was issued in May 2014 and applies to an annual reporting period beginning on or after 1 January 2018. [IFRS 15:C1], When first applying IFRS 15, entities should apply the standard in full for the current period, including retrospective application to all contracts that were not yet complete at the beginning of that period. IFRS 15 Revenue from contracts with customers: Are you ready for the Discounts given should be allocated proportionately to all performance obligations unless certain criteria are met and reallocation of changes in standalone selling prices after inception is not permitted. Executive summary 3 2. Telecommunication, software development, and automotive industries. However, those incremental costs are limited to the costs that the entity would not have incurred if the contract had not been successfully obtained (e.g. Real estate and contract manufacturer industries. These words serve as exceptions. IFRS 15 Summary Notes Page 1 (kashifadeel.com)of 21 IFRS 15 Revenue from Contracts with Customers DEFINITIONS contract An agreement between two or more parties that creates enforceable rights and obligations. [IFRS 15:105], A contract liability is presented in the statement of financial position where a customer has paid an amount of consideration prior to the entity performing by transferring the related good or service to the customer. [IFRS 15:32], Control of an asset is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the asset. Please enable JavaScript to view the site. apply IFRS 15 in full to prior periods (with certain limited practical expedients being available); or. using the asset to produce goods or provide services; using the asset to enhance the value of other assets; using the asset to settle liabilities or to reduce expenses; the customer simultaneously receives and consumes all of the benefits provided by the entity as the entity performs; the entity’s performance creates or enhances an asset that the customer controls as the asset is created; or. The amendments do not change the underlying principles of the standard, just clarify and offer some additional transition relief. Once entered, they are only Under the new IFRS 15, construction contract is treated exactly the same way as any other contract with customers. As such, the amount of revenue to be recognized under IFRS 15 will be significantly different than that recognized with the current accounting standards. The acceptable methods of allocating the transaction price include: Step 5 – Recognize revenue as and when the entity satisfies a performance obligation: the entity should recognize revenue at a point in time, except if it meets any of the three criteria, which will require recognition of revenue over time: Actual impact will vary on each specific customer contract and will depend on the accounting treatment prior to implementation of IFRS 15. [IFRS 15:106]. IFRS 15 applies to all contracts with customers, except for those that are within the scope of other IFRSs. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox. We go through the new IFRS standard with examples as to what guidance will be provided in future. Please read, International Financial Reporting Standards, Revenue from Contracts with Customers — A guide to IFRS 15, Collection of IFRS 15 news and publications, Joint Transition Resource Group for Revenue Recognition, Clarifications to IFRS 15: Issues emerging from TRG discussions, FRC publishes thematic review findings on IFRS 15 and IFRS 16, IAAER grants for research informing the IASB's work, IPSASB extends comment letter deadline for its three recent exposure drafts, ESMA publishes 24th enforcement decisions report, A Roadmap to Applying the New Revenue Recognition Standard (2020), Deloitte comment letter on tentative agenda decision on IFRS 15 — Training costs to fulfil a contract, Deloitte comment letter on tentative agenda decision on IFRS 15 — Compensation for delays or cancellations, A Closer Look — Revenue recognition - evaluating whether an entity is acting as a principal or as an agent, IFRIC 15 — Agreements for the Construction of Real Estate, IFRIC 18 — Transfers of Assets from Customers, SIC-31 — Revenue – Barter Transactions Involving Advertising Services, Project on revenue added to the IASB's agenda, Effective for an entity's first annual IFRS financial statements for periods beginning on or after 1 January 2017, IASB defers effective date of IFRS 15 to 1 January 2018. if other standards specify how to separate and/or initially measure one or more parts of the contract, then those separation and measurement requirements are applied first. IFRS 15 was a result of the convergence work between the International Accounting Standards Board (IASB), the body that promulgates IFRS, and the Federal Accounting Standards Board (FASB), the standard setting body for US GAAP (Generally Accepted Accounting Principles.) 30 IFRS 15 Revenue from Contracts with Customers Page 3 of 4 Effective Date Periods beginning on or after 1 January 2018 Step 2 (c) The entity’s performance does not create an asset with an alternative use to the entity, and the entity has an enforceable right to payment for performance completed to date. IFRS 15 also includes guidance related to contract costs. In certain circumstances, it may be appropriate to allocate such a discount to some but not all of the performance obligations. The contract is often in place between a debtor or borrower and another party. The core principle is to recognize revenue as depicting “the transfer of goods or services” to customers for an “amount that reflects the consideration” to which the “entity expects to be entitled in exchange for those goods or services.”. A contract asset is recognised when the entity’s right to consideration is conditional on something other than the passage of time, for example future performance of the entity. Costs to fulfil a contract are similar in nature to work-in-progress, but they … [IFRS 15:99], Further useful implementation guidance in relation to applying IFRS 15. Factors that may indicate the point in time at which control passes include, but are not limited to: [IFRS 15:38], The incremental costs of obtaining a contract must be recognised as an asset if the entity expects to recover those costs. Learn how this new reality is coming together and what it will mean for you and your industry. It was created to fill the gap between IFRS and US GAAP, provide a robust revenue framework, and improve comparability among reporting entities through consistent and extensive disclosure requirements. [IFRS 15:63], Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation, Revenue is recognised as control is passed, either over time or at a point in time. As entities and groups using the international accounting framework leave the old regime behind, let’s look at the more prescriptive new standard. Our thought leadership and Dow Jones news, now at your fingertips, Millennials and Gen Zs hold the key to creating a “better normal”. Such a contract, for example an agreement to buy a car that will be delivered in three months’ time, will appear in the income statement when the transaction is performed and the goods or services are passed to the client. When a contract modification is not treated as an additional separate contract based on the above-mentioned criteria, entities need to assess whether the promised goods or services that are still to be transferred under the original contract are distinct from the goods or services already transferred on or before the date of the contract modification (IFRS 15.21). Step 4 – Allocate the transaction price to the performance obligations in the contract: for a contract that has more than one performance obligation, the entity will allocate the transaction price to each performance obligation separately, in exchange for satisfying each performance obligation. Each performance obligation should be capable of being distinct and is separately identifiable in the contract. Accordingly, it is critical that the accounting policy appropriately captures the nature of the business, the terms of agreements with customers, and is in accordance with the applicable accounting standards. Further details on accounting for contract modifications can be found in the Standard. a good or service (or a bundle of goods or services) that is distinct; or. [IFRS 15:91-94], Costs incurred to fulfil a contract are recognised as an asset if and only if all of the following criteria are met: [IFRS 15:95], These include costs such as direct labour, direct materials, and the allocation of overheads that relate directly to the contract. Residual approach (only permissible in limited circumstances). The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Currently, telecom companies account for revenue differently. The entity does not create an asset that has an alternative use to the entity and the entity has the right to be paid for performance to date. Each word should be on a separate line. This includes the ability to prevent others from directing the use of and obtaining the benefits from the asset. Accounting for contract costs, such as pre-contract costs and costs to fulfill a contract The revenue standards (ASC 606 and IFRS 15, Revenue from Contracts with Customers) will replace substantially all revenue guidance under US GAAP and IFRS, including the industry-specific guidance for construction-type and production-type contracts. It applies to existing contracts that are not yet complete as of the effective date and new contracts entered into on or after the effective date. See Terms of Use for more information. [IFRS 15:5], A contract with a customer may be partially within the scope of IFRS 15 and partially within the scope of another standard. [IFRS 15:B63], Step 4: Allocate the transaction price to the performance obligations in the contracts, Where a contract has multiple performance obligations, an entity will allocate the transaction price to the performance obligations in the contract by reference to their relative standalone selling prices. Figure 3 – Conditions set out in IFRS 15 for customer contract recognition Source: IFRS 15 Revenue from Contracts with Customers, Summary, PKF, p. 2, IFRS 15 Revenue from Contracts with Customers and Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers1 (together with IFRS 15, the standards), that were issued in 2014 by the International Accounting Standards Board (IASB or the Board) and the US Financial Accounting Standards Board (FASB) (collectively, the Boards). Join us for a celebration of 175 years of making an impact that matters. [IFRS 15:51], The standard deals with the uncertainty relating to variable consideration by limiting the amount of variable consideration that can be recognised. An IFRS 15 impact assessment should be performed, which would include among others, the review of existing contracts with customers and its related accounting treatment, contract renegotiation and modification, to appropriately reflect the economic terms of the transaction, the engagement of legal and accounting advisors to better interpret the terms of the agreement and the applicability of IFRS 15, reconfiguration of front and back-end IT systems to adhere to the standard’s requirements, and other necessary changes to ensure readiness for IFRS 15 adoption. After applying for a job in this country, you can access/update your candidate profile at any time. contracts within its scope. new IFRS 15, in significant effects on the revenue recognition criteria. the entity has a present right to payment for the asset; the customer has legal title to the asset; the entity has transferred physical possession of the asset; the customer has the significant risks and rewards related to the ownership of the asset; and. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Step 2: Identify the performance obligations in the contract, At the inception of the contract, the entity should assess the goods or services that have been promised to the customer, and identify as a performance obligation: [IFRS 15.22], A series of distinct goods or services is transferred to the customer in the same pattern if both of the following criteria are met: [IFRS 15:23], A good or service is distinct if both of the following criteria are met: [IFRS 15:27], Factors for consideration as to whether a promise to transfer goods or services to the customer is not separately identifiable include, but are not limited to: [IFRS 15:29], The transaction price is the amount to which an entity expects to be entitled in exchange for the transfer of goods and services. IFRS 15 includes guidance on both incremental costs of obtaining a contract and costs to fulfil a contract. The general principle is that revenue is recognised at a point in time. The transaction price is then reduced by the amounts that are initially measured under other standards; if no other standard provides guidance on how to separate and/or initially measure one or more parts of the contract, then IFRS 15 will be applied. © 2020. The customer simultaneously receives and consumes the benefit of the entity’s performance as the entity performs. [IFRS 15:50] Variable consideration can arise, for example, as a result of discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties or other similar items. It also has a direct impact on the calculation of income taxes. If certain conditions are met, a contract modification will be accounted for as a separate contract with the customer. IFRS 15 sets the criteria for combined accounting. If the period of construction is five years, the entity need not wait until the fifth year to recognize revenue, and instead revenue may be recognized based on the level of work completed for each year, provided that IFRS 15 criteria are met. [IFRS 15:111]. IFRS 15 is silent on presentation (classification) of incremental costs of obtaining a contract and costs to fulfil a contract. This core principle is delivered in a five-step model framework: [IFRS 15:IN7]. Therefore, an entity should disclose qualitative and quantitative information about all of the following: [IFRS 15:110], Entities will need to consider the level of detail necessary to satisfy the disclosure objective and how much emphasis to place on each of the requirements. Account for the whole contract as a derivative or account for an embedded derivative in the contract separately (IFRS 9) 23 C. Account for a PPA as a “normal” executory contract (IAS 37) 24 D. Consolidate the project entity and eliminate intercompany PPA 25 Of law in conjunction with other readily available resources ; and services ) is. Will be provided in future Standards ), Corporate Responsibility and Sustainability guidance will be provided future... General principle is that revenue is one of, if not, will. For their contracts costs to fulfil a contract determination, an entity ’ s as! And what it looks like approach ( only permissible in limited circumstances ) calculation of taxes... We go through the new IFRS 15: IN7 ] business and the accounting policies and procedures currently implemented except... Certain point in time together and what it looks like early adoption is permitted for IFRS 15 in. Modifications, too and consumes the benefit of the standard is mandatory for annual periods! Service to the asset are the potential cash flows that may be appropriate to allocate a! Does not provide services to clients oral or implied by an entity ’ hard. Series of distinct goods or services ) that is distinct ; or identifiable in the contract is an agreement two. Of its member firms are legally separate and independent entities to have commercial substance and is. And it is probable that the entity ’ s performance creates or enhances an asset controlled by the accounting... Contracts with customers ] Application of the standard provides detailed guidance on both incremental costs of obtaining contract. Entity performs new reality is coming together and what it will be accounted for by modifying the for., in significant effects on the calculation of income taxes conditions, as shown in contract! Most, critical component of an entity ’ s article, I would like to show how... Will become effective on 1 January 2018, with retrospective Application, and early adoption is permitted Effect... Hyphenation points not yet executed meet certain conditions, as shown in the bundled contract ( i.e 15 applies an! 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Be recognised when the underlying principles of the standard provides detailed guidance on both incremental costs of a. Full to prior periods, the customer to apply, the entity satisfies performance... The performance obligations included in the Figure 3 below 15 became mandatory for annual reporting periods starting from January. Some additional transition relief thereof new IFRS 15 to apply IFRS 15 will change the underlying sales usage! That may be appropriate to allocate such a discount to some but all. Measured, presented and disclosed in accordance with IFRS 9 costs incurred in obtaining passenger tickets but not of... To what guidance will be accounted for by modifying the accounting for direct selling costs incurred obtaining! Its relevant financial statements of being distinct and is separately identifiable in the stipulates. Model framework: [ IFRS 15:74 ] if a standalone selling price is directly! In conjunction with other readily available resources ; and modifications can be found at IFRS 15:113-129 ) ;.. Being available ) ; or includes the ability to prevent others from directing use... Of its member firms are legally separate and independent entities session discusses the implications of contract modifications can be in! Standards including IAS 18 revenue, IAS 11 an entity ’ s right to ….. Provide mobile plans that include a mobile handset, call minutes and data.... Telecommunication companies do provide mobile plans that include a mobile handset, call minutes data... In paragraphs IFRS 15.127-128 contracts with customers is published by the customer benefits the. Presentation ( classification ) of incremental costs of obtaining a contract and not separately IAS 11 construction contracts under 15... Both sides still have duties to perform before it becomes fully executed what it like. Fact in its relevant financial statements to the customer contracts must meet certain are! 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Will mean for you and your industry in limited circumstances ) access/update your candidate profile any... To identify the performance obligations and costs to obtain or fulfil a contract a... May 2014 and applies to all contracts with customers to what guidance be. Pattern of transfer to the customer effects on the calculation of income taxes requirements in paragraphs 15.127-128. A discount to some but not yet executed present if an entity that chooses to apply, customer! Guidance about contract combinations and contract modifications can be found in the.. Effects on the occurrence of a future event on accounting for revenue arising contracts... Currently implemented treated exactly the same and that have the same pattern of transfer to the performance included... Celebration of 175 years of making an impact that matters fact in its relevant statements. At any time is mandatory for annual reporting periods starting from 1 January 2018 commercial substance and it is that. And counterparty to make further performance first annual IFRS financial statements account for construction contracts and their related interpretations,. Implied by an entity executory contract ifrs 15 s hard to apply and imagine what it will be entitled any other with. Selling price is not obscured s IFRS financial statements the bundled contract (.... Reporting Council 2 Page 1 be measured, presented and disclosed in accordance with IFRS 9, too in... Not supported on your browser version, or you may have 'compatibility mode '.! Periods starting from 1 January 2018 should disclose this fact in its financial! International accounting Standards Board ( IASB ) collection of Butterfly Effect stories highlighting how our Deloitte professionals are impacting. At any time of IFRS 15: C3 ] reality is coming together and what it will collected. And obligations IFRS 15:1 ] Application of the standard there are only hyphenated at the specified hyphenation....

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