Tag Archives: contract

IFRS 15 – Revenue from Contract with Customers: The Five Step Model?

IFRS 15 – Revenue from Contracts with Customers (IFRS 15), which became effective from 1 January 2018, makes significant changes to accounting for revenue. In this article we highlight the fundamental changes introduced by IFRS 15 and use a case to show the steps in determining revenue. When is Revenue Recognized? An entity recognizes revenue […]

IFRS 15 – Revenue from Contracts with Customers: What is A Contract?

International Financial Reporting Standard (IFRS) 15 – Revenue from contracts with customers came into effect on 1 January 2018. It defines revenue and sets the rules for recognizing, measuring and disclosing revenue from contracts with a customer. Having a contract with a customer is a precondition for applying IFRS 15. So, what is a contract? […]

Written Employment Contracts Are There To Protect You. Use Them!

When you hire a new employee, it is good business practice to offer them a contract. A contract of employment can be verbal, or it can be written. Where most small businesses run into trouble is in their reliance on verbal agreements, opting not to use written employment contracts. This is problematic because verbal agreements […]