Indregning og måling af omsætning ved multiple og sammensatte salg

Abstrakt

Revenue is, due to the size compared to the total financial statement and as an indicator of the entities capability to earn money, an important financial accounting record. Due to the complexity of measuring and recognising revenue, it is important to have focus on this area since wrong measurement and recognition will provide a misrepresent picture of the entities activities during the period. Especially measuring and recognising multiple-elements assessments is one of the most complex areas, which is why the purpose of this thesis is to clarify how measurement and recognition of revenue is regulated by the International Financial Reporting Standard regarding multiple-element arrangements. To guide through the clarification of the regulation, the thesis will describe the development process of a standard. The description will cover the IFRS Foundation and the process that needs to be done before the Danish entities can finish their financial reporting using IFRS. Secondly, the thesis covers the Framework. The underlying assumption of the Framework is going concern and the fundamental qualitative characteristics are relevance and faithful representation. Revenue is by IFRS regulated by IAS 11 and IAS 18. IAS 18 defines revenue as: “Revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants.” The recognition criteria in the two standards are usually applied separately to each transaction. However, in certain circumstances, it is necessary to apply the recognition criteria to separately identifiable components of a single transaction or apply the recognition criteria to two or more transactions together. In depth guidance on how to separate the components is regulated in US GAAP standard ASC 605-25 in which there is two criteria that need to be met to separate components in a single arrangement. The first, delivered item or items have value to the customer on a standalone basis, and secondly if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item or items is considered probable and substantially in the control of the vendor. Whether or not revenue is recognised in accordance with IAS 11 or IAS 18 depends on the sold product. Revenue is recognised in according with IAS 11 if the revenue arises from a construction contract whereas IAS 18 shall be applied when accounting for revenue arising from sale of goods, rendering of services and the use by others of entity assets yielding interest, royalties and dividends. Both according to IAS 11 and IAS 18 revenue shall be measured at the fair value of the consideration received or receivable. The recognition criteria vary from IAS 11 to IAS 18 and even between the three sales types in IAS 18. Revenue from the sale of goods shall be recognised when the entity has transferred the significant risks and rewards of ownership of the goods to the buyer, when the entity retains neither continuing managerial involvement nor effective control over the goods sold, when the amount of revenue can be measured reliably, when it is probable that the economic benefits associated with the transaction will flow to the entity and the cost incurred or to be incurred in respect of the transaction can measured reliably. Revenue from the rendering of services shall be recognised when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity, the stage of completion of the transaction at the end of the reporting period can be measured reliably, and the cost incurred for the transaction and the costs to complete the transaction can be measured reliably. Revenue arising from the use by others of entity assets shall be recognised when the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity. Regarding the construction contracts revenue shall be recognised in a fixed price contract when total contract revenue can be measured reliably, it is probable that the economic benefits associated with the contract will flow to the entity, both the contract costs to complete the contract and the stage of contract completion at the end of the reporting period can be measured reliably, and the contract costs attributable to the contract can be clearly identified and measured reliably so that actual costs incurred can be compared with prior estimates. The use of the regulation is illustrated through a case contract which contains several elements and is regulated by different parts of IAS 11 and IAS 11.