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© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
RealestatedevelopersIFRS 15 Revenue – Ar...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Areyougoodtogo?
2
IFRS 15 will change th...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
3
For each of the following,
documenting...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Assessingcollectibility
4
Have you evalu...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Performanceobligations
5
Do land, buildi...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Over-timerecognition
6
Do your sales con...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Workinprogress
Does your accounting poli...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Measureofprogress
8
Does the measure of ...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Variableconsideration
9
Expected value
F...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Significantfinancingcomponents
10
Do def...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Claimsandvariations
11
Does your account...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Costsofobtainingcontracts
12
Will you ca...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Transitionadjustments
13
Have you identi...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Disclosurerequirements
14
Have you ident...
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Checklistofactions
Have you…? 
Evaluate...
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Howdidyoudo?
16
How many of our 11 quest...
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Don’tforgetthebroaderbusinessimpacts
Hav...
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Findoutmore
18
Talk to your
usual KPMG
c...
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Real estate developers | IFRS 15 Revenue - Are you good to go?

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Practical guidance for real estate developers on implementing the new revenue recognition standard. Find out more at kpmg.com/ifrs

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Real estate developers | IFRS 15 Revenue - Are you good to go?

  1. 1. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. RealestatedevelopersIFRS 15 Revenue – Are you good to go? April 2017 kpmg.com/ifrs
  2. 2. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Areyougoodtogo? 2 IFRS 15 will change the way many real estate developers account for sales contracts. To help you drive your implementation project to the finish line, we’ve pulled together a list of key considerations that all real estate developers need to focus on.
  3. 3. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. 3 For each of the following, documenting your analysis and the conclusions drawn will be essential
  4. 4. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Assessingcollectibility 4 Have you evaluated how assessing collectibility will impact your revenue recognition? You generally can’t recognise revenue from a contract until collection is considered probable Under IFRS 15, collectibility is assessed up-front rather than when deciding whether to recognise revenue
  5. 5. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Performanceobligations 5 Do land, buildings and other elements of your contracts meet the new ‘distinct’ test to be accounted for separately? Think about… Capable of being distinct Distinct in the context of the contract+ Common areas | Car parks | Management services | Golf memberships
  6. 6. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Over-timerecognition 6 Do your sales contracts meet one of the three criteria that require revenue to be recognised over time – i.e. percentage of completion? e.g. management services e.g. building on customer land e.g. off-plan apartment sales Customer consumes benefits as entity performs Customer controls asset as it’s created Asset has no alternative use and right to payment exists
  7. 7. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Workinprogress Does your accounting policy for work in progress meet the requirements of IFRS 15? Capitalise amounts related to future performance Recognise work in progress as a balance sheet ‘true up’ to ensure a smooth profit margin You’ll need to… You can no longer… 7
  8. 8. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Measureofprogress 8 Does the measure of progress you’ve chosen depict performance under the contract? Output method Input methodor e.g. survey of construction e.g. cost-to-cost method Use either Have you considered the impact on cost accounting? e.g. uninstalled materials, wastage
  9. 9. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Variableconsideration 9 Expected value For completion and occupancy bonuses, have you decided on the estimation method and applied the constraint ? Most likely amount or Could there be a significant revenue reversal?
  10. 10. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Significantfinancingcomponents 10 Do deferred or advance payment terms in your contracts give rise to a significant financing component? Performance date Interest expense Interest income -1 year +1 year Practical expedient available Advance payment Deferred payment Calculations can be complex, especially for contracts recognised over time
  11. 11. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Claimsandvariations 11 Does your accounting policy reflect the enforceability requirement for contract modifications? Is the contract modification enforceable? Account for it Do not account for it Yes No
  12. 12. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Costsofobtainingcontracts 12 Will you capitalise or expense your sales and marketing costs? Incurred as a result of obtaining the contract Recovery is expected Only if… + e.g. sales commissions Practical expedient – Expense costs as incurred if amortisation period < 1 year Generally, sales and marketing costs are expensed as incurred
  13. 13. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Transitionadjustments 13 Have you identified all of the areas where differences exist between IFRS 15 and your existing accounting? Use the helpful guidance in our Transition Options and Issues In-Depth publications IFRS 15 is more detailed than the existing revenue requirements, so you may find unexpected changes in your accounting !
  14. 14. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Disclosurerequirements 14 Have you identified the additional information and processes needed to meet the disclosure requirements? Read our Guide to annual financial statements – IFRS 15 supplement Under IFRS 15, you’ll need to provide more detailed information about contract terms, as well as how and when you recognise revenue
  15. 15. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Checklistofactions Have you…?  Evaluated the impact of assessing collectibility of consideration?  Determined whether contracts include more than one performance obligation – e.g. land, common areas and car parks?  Identified contracts that meet the criteria for over-time recognition?  Checked that your accounting policy for work in progress meets IFRS 15’s requirements?  Selected the measure of progress for contracts recognised over time?  15 Have you…?  Revised your estimates of variable consideration elements – e.g. completion and occupancy bonuses?  Identified and calculated any significant financing components?  Documented your accounting policy for claims and variations?  Decided whether you will capitalise any of your sales and marketing costs?  Identified and quantified your transition adjustments?  Identified the additional information needed to meet the disclosure requirements? 
  16. 16. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Howdidyoudo? 16 How many of our 11 questions have you answered ‘yes’? All 11 – You’re good to go! 5-10 – You’re on your way 0-4 – You really need to engage
  17. 17. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Don’tforgetthebroaderbusinessimpacts Have you… ― updated your management reporting, including KPIs? ― developed a transition plan for parallel runs, including reconciliations? ― thought about the tax implications? ― calculated the impact on bonus schemes? ― compared your approach with peers? Revenue Accounting Change Accounting, tax and reporting Data, systems and processes Business People and change 17
  18. 18. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Findoutmore 18 Talk to your usual KPMG contact Use our Transition toolkit Follow the discussion on LinkedIn
  19. 19. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. KPMG International Standards Group is part of KPMG IFRG Limited. KPMG International Cooperative (“KPMG International”) is a Swiss entity that serves as a coordinating entity for a network of independent firms operating under the KPMG name. KPMG International provides no audit or other client services. Such services are provided solely by member firms of KPMG International (including sublicensees and subsidiaries) in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any other member firm, nor does KPMG International have any such authority to obligate or bind KPMG International or any other member firm, in any manner whatsoever. The KPMG name and logo are registered trademarks or trademarks of KPMG International. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. kpmg.com/socialmedia

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