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Kieso, Weygandt, Warfield, Young, Wiecek, McConomy:
Intermediate Accounting, 10th Canadian Edition, Volume 1
The International Accounting Standards Board issued a new accounting standard relating to revenue recognition in May 2014, after the tenth edition of the textbook went to press. The new standard (IFRS 15 Revenue from Contracts with Customers) is now included in IFRS and it is effective for fiscal years starting on or after January 1, 2017. It replaces IAS 11 and 18.
Chapter 6 of the text was written with the understanding that IFRS 15 would likely be issued in the near term. The authors included several pages at the end of the chapter under the heading Contract-Based Revenue Recognition Model. The material in chapter 6 gave a high-level overview of the changes and the material still remains correct. Note that ASPE has not changed and so the material in the rest of the chapter relating to ASPE is still current and relevant.
This supplement is meant to go into more detail regarding IFRS 15 in order to prepare students who will be graduating when the standard comes into effect and includes the following additional material:
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