领 航 国 际
L I N G H A N G G U O J I
ACCT20002 IFA2 2021
PASS 不是我们的代言
H1 才是我们的目标
ACCT20002
IFA2
Tutorial 2-3 (W3-4)
--徐聪 (Olivia)
,
领 航 国 际
L I N G H A N G G U O J I
ACCT20002 IFA2
滴滴小航家族
咨询课程
【热心意见树洞】
扫码留下你们想说的话
Week 5: Revenue from contracts with customers
1. Explain the need for a new Revenue standard
• Before, numerous standards and interpretative guidance
• A joint project by the IASB(international) /FASB(US) to develop a single principle
ü AASB 15, Effective date: 1 January 2018
2. Explain the objective and core principle outlined in AASB 15
• Objective: Establish principles so that an entity can report useful information to users of
financial statements about the nature, timing and uncertainty of revenue and cash flows
arising from a contract with a customer
• CORE PRINCIPLE: Revenue should be recognized when the good & service is provided at the
amount which the entity is expected to get.
3. Explain and apply the five steps identified by AASB 15 in recognising revenue
Step1: identify the contract 与客户确认合同
ü approved by all sides in the agreement
ü Identify each party’s rights to goods and services & obligation about payment
ü Commercial substance (expected to receive cash)
ü The entity probably will collect
the consideration. (assess collectability)
Step2: ***identify performace obligations 确定义务
• a promise to transfer goods or services to a customer 承诺
• Each promise in the contract can be either: A distinct good and service (or a combination of
good and service) 独特?
Is distinct if BOTH criteria are met (Para 27 AASB 15):
领 航 国 际
L I N G H A N G G U O J I
ACCT20002 IFA2
滴滴小航家族
咨询课程
【热心意见树洞】
扫码留下你们想说的话
1.Customer can benefit either on its own or in conjunction with readily available resources
2.The entity’s promise to transfer is separately identifiable from other promises
ü No significant integration of goods or services with other promises in the contract
ü The goods or services does not significantly modify another goods or services
ü The goods or services are not highly related or dependent on other
Step3: Determine the transaction price
• the amount of consideration to which the entity is expected to get from the exchange
• Affected by 4 main elements:
1) Variable consideration: discounts, volume rebates, refund
ü Expected value method: sum of probability-weighted amounts
ü Most likely amount: Single most likely amount from a set of possible outcomes
2) Significant financing component: adjust the time value of money, eg:1
3) Non-cash consideration: Eg: shares
ü measured at FV (quoted identical share price in active market)
ü If not available, selling price of comparable goods should be used
4) Consideration payable to a customer: reduction of the transaction price
Step4: Allocate price
• on a relative stand-alone selling price basis (SSP): The price at which an entity would sell a
promised good or service separately to a customer.
领 航 国 际
L I N G H A N G G U O J I
ACCT20002 IFA2
滴滴小航家族
咨询课程
【热心意见树洞】
扫码留下你们想说的话
Step5: recognize revenue as obligation satisfied
• by transferring a promised good or service (i.e. an asset) to a customer
• Performance obligations are satisfied either:
ü At a point in time or Over time
• For PO satisfied over time, revenue is recognised over time by measuring the progress
toward complete satisfaction of the PO.
• 2 methods for measuring progress:
ü Output method: goods and services value transferred relative to the remaining
ü Input method: inputs used relative to the total expected inputs
Apply the recognition criteria prescribed in AASB 15, and understand the difference between
recognition at a point in time vs recognition over time
Point in time: voucher
ü At the date the performance obligation is completed
ü At the date it is redeemed
Overtime:
See Ltd enters into a contract with Tee Ltd to build a double storey home for a total
consideration of $500,000. At the commencement of the contract, See estimates that the total
costs of the contract is $350,000.
As at 30 June 2018, See Ltd has incurred the following costs
ü Labour costs $ 110,000
ü Material costs 170,000
ü Required: What is the amount of revenue recognised using the input method?
领 航 国 际
L I N G H A N G G U O J I
ACCT20002 IFA2
滴滴小航家族
咨询课程
【热心意见树洞】
扫码留下你们想说的话
Comprehensive Example
To improve its business, Uni Coffee Club Ltd has introduced a loyalty scheme for its customers.
Under this scheme, it offers a free cup of barista made coffee for every 9 cups of coffee
purchased. The selling price for a cup of coffee is $4.00.
– Prepare journal entries to account for the about transaction
ü When the 1st cup of coffee is sold
ü When the 10th cup of coffee is provided for free
Describe the disclosure requirements
• Contracts with customers
ü Information includes disaggregation of revenue
ü Contract balances
ü Performance obligations
ü
Transaction price allocated to remaining Pos
• Significant judgements regarding timing of satisfaction of POs, determination of transaction
price etc
• Assets recognised from the costs to fulfil a contract with a customer
Eg:1=> Alpha Ltd manufactures solar powered long life batteries. It enters into a contract with
a customer on 1 July 2018 to manufacture 1000 batteries at $221.616 per battery. Payment
is due in 2 year’s time.
ü Cost to manufacture each battery is $130
ü Cash selling price is $190 each
ü Implicit interest rate is 8%
Prepare journal entries: On 1 July 2018, 30 June 2019, 30 June 2020
领 航 国 际
L I N G H A N G G U O J I
ACCT20002 IFA2 2021
PASS 不是我们的代言
H1 才是我们的目标
ACCT20002
IFA2
Tutorial 2-3 (W3-4)
--徐聪 (Olivia)
,
领 航 国 际
L I N G H A N G G U O J I
ACCT20002 IFA2 2021
滴滴小航家族
咨询课程
【热心意见树洞】
扫码留下你们想说的话
Week 4 Income Taxes
1. Understand tax effect accounting and the difference between tax expense and tax payable
Ø Income tax expense
(company)
• based on accounting profit (Accounting Income less Accounting Expense)
• accrual accounting
(occurrence)
Ø Income tax payable (business)
• based on taxable profit (Assessable Income less Allowable Deductions)
• cash-basis accounting (evidence, ‘substantiating event’)
Ø timing differences
• transactions are accounted for in different periods/not llowed either under tax rules or
under accounting rules
• result in
o permanent differences (do not offset over time,只被一个 recog, no impact)
ü income that is NEVER assessable under tax legislation
e.g. capital gains on pre-1985 investments, some foreign income
ü expenses that are NOT allowable deductions under tax legislation
e.g. entertainment expenses paid, goodwill impairment
ü tax incentives
o temporary differences TD (两个都 recog, offset over time)
ü deductible temporary differences(DTD) or
taxable temporary differences (TTD)
ü Deferred Tax Assets (DTA) or Deferred Tax Liabilities (DTL)
2. Understand the term ‘taxable temporary differences’ and ‘deductible temporary differences’
Ø DTA: Amount of income taxes recoverable in future periods in respect of
• Deductible TD
• The carry forward of unused tax losses
领 航 国 际
L I N G H A N G G U O J I
ACCT20002 IFA2 2021
滴滴小航家族
咨询课程
【热心意见树洞】
扫码留下你们想说的话
Ø DTL: Amount of income tax payable in future periods in respect of TD
3. Calculate and account for both current tax and deferred tax
Ø balance sheet approach:
• Step 1: current tax worksheet, taxable profit, tax payable, tax ATO want?
• Step 2: deferred tax worksheet, temporary difference
• Step 3: income tax expense, tax company pay?
Ø CA: Carrving amount of asset in the Balance Sheet
Ø FTA: (future revenue) An asset generates EB which are assessable under tax legislation.
• assumption is that an asset will at least be able to generate EB equal to the CA of the
asset. Hence FTA = CA, eg: inventory, PPE
• If the asset does not generate EB that are assessable then FTA=0, eg: AR
Ø
FDA: (future expense) The amount of future allowable deductions that can be claimed for
an asset
Ø TB of Asset: TB = CA + FDA – FTA
Ø TB for Liability: TB = CA + FTA – FDA
Ø Except: Unearned revenue: TB = CA – future Non-assessable amount
.
领 航 国 际
L I N G H A N G G U O J I
ACCT20002 IFA2 2021
滴滴小航家族
咨询课程
【热心意见树洞】
扫码留下你们想说的话
4. Appland account for the recognition criteria for deferred tax liabilities and deferred tax assets
including reversal of deferred tax assets and treatment of tax losses
L A
CA>TB (FTA>FDA) DTA DTL
CAØ
5. Understand and account for the deferred tax consequences for revaluation of non- current
assets
Ø Revaluation of non-current Assets (only land)
• Revaluation increase: CA > TB => DTL
• Revaluation decrease: CA< TB => DT
• Eg: land revalue up 60K
•
Ø Tax losses
• Allowable deductions > Taxable income
(creation of a DTA)
•
.
领 航 国 际
L I N G H A N G G U O J I
ACCT20002 IFA2 2021
滴滴小航家族
咨询课程
【热心意见树洞】
扫码留下你们想说的话
• When the entity earns taxable profit in the future, then the DTA is reversed:
•
Ø Change in tax rate:
1) Opening balances of deferred tax assets and liabilities is adjusted as follows:
2) Opening balance * (New tax rate – Old tax rate)/Old tax rate
3) If tax rate increases, income tax income
4) If tax rate decreases, income tax expense
ss 51作业君版权所有
