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The B4B Solutions GmbH operates as a consulting firm in the IT industry. It is specialized in cloud-based SAP software solutions. Together with their customers, employees of B4B conjointly customize and implement the SAP solutions to update the customers’ IT systems. Among its customers reaching from small to large companies, there are also IFRS-applicants. Since the IASB has issued a new revenue recognition standard – IFRS 15 “Revenue from contracts with customers”, the new provisions have to be considered in the relevant implementation projects as well. The preparation of a guideline illustrating the new revenue recognition aims to support the consultants when it comes to the implementation of IFRS projects. This paper serves as a basis for the guideline and covers an analysis of the new revenue recognition standard, briefly reviews legacy-standards and assesses the impacts on annual financial statements. The findings are based on specialist literature and the exemplary analysis of contracts with customers. The new regulations on revenue recognition have different effects on various sectors and induce companies to thoroughly analyze their contracts with customers to recognize revenue using the new five-step model. The new standard leads to the harmonization of previous standards and interpretations and offers detailed guidance, whereas legacy-standards failed to assist IFRS-applicants. Nevertheless, accounting and billing now diverge, resulting in a shift of revenues to other periods. What is more, is that IFRS 15 requires more detailed quantitative as well as qualitative disclosure. The five-step model offers reliable guidance for IFRS-applicants. Also, the density of provisions improved. However, there is still a margin of discretion. In particular, the estimation of stand-alone selling prices of variable components within a contract might lead to differences between the billing and the recognition of revenues. The increased disclosure requirements request more detailed information than previously. Thus, the system- and process landscape needs to be adapted, resulting in one-time costs. It is questionable if there will be a sustainable benefit for the users of financial statements.