Chapter 15 Revenue recognition issues –1 15

Transcription

Chapter 15
Revenue recognition issues
Copyright  2005 McGraw-Hill Australia Pty Ltd
PPTs t/a Australian Financial Accounting 4e by Craig Deegan
15–1
Objectives
• Understand some of the concepts of income and
revenue
• Understand the points of an organisation’s operating
cycle at which income can be recognised
• Appreciate that the amount of income recognised in a
particular period will relate directly to the accounting
measurement model that has been adopted
(continues)
15–2
Objectives (cont.)
•
•
Understand how the existence of particular conditions
associated with a sale (such as attached put and call options,
or the right of return) will affect the timing of revenue
recognition
Understand the issues associated with recognising revenues
for long-term construction projects and be aware of the
requirements of AASB 111 ‘Construction Contracts’
15–3
Status of newly converged accounting
standards
•
•
•
AASB 118 ‘Revenue’ replaces AASB 1004 ‘Revenue’
Revenue previously very broadly defined to include items
derived and not derived from ordinary activities
Now the definition is narrower:
–
Revenue deemed to relate to ordinary activities
– Can be contrasted with what are now referred to as ‘gains’, which
can be derived from ‘other’ activities
15–4
Definition of income and revenue
Income defined (par. 70 of the AASB Framework) as:
• Increases in economic benefits during the accounting period in
the form of inflows or enhancements of assets or decreases in
liabilities that result in an increase in equity, other than those
relating to contributions from equity partners
•
Income is divided into ‘revenues’ and ‘gains’
(continues)
15–5
Definition of income and
revenue (cont.)
Revenues and gains (par. 74 of the AASB Framework):
• Revenue arises in the course of the ordinary activities of an
entity and is referred to by a variety of different names, including
sales, fees, interest, dividends, royalties and rent
Gains (pars 74 and 75, AASB Framework):
• Other items that meet the definition of income and may or may
not arise in the course of the ordinary activities of an entity.
Gains represent increases in economic benefits and as such are
not different in nature from revenue.
(continues)
15–6
revenue (cont.)
Revenues and gains (par. 75, AASB Framework):
• Gains include those arising on the disposal of non- current assets. The
definition of income also includes unrealised gains, for example those
arising on the revaluation of marketable securities and those resulting
from increases in the carrying amount of long-term assets. When gains
are recognised in the income statement, they are usually displayed
separately because knowledge of them is useful in making economic
decisions. Gains are often reported net of related expenses.
(continues)
15–7
revenue (cont.)
•
•
•
•
Generally speaking, revenues relate to the ordinary incomegenerating activities of an entity, e.g. sales or rental receipts
Gains relate to ‘other income’—not necessarily part of the
ordinary activities of an entity
Differentiation based on some degree of professional judgment
What is an ‘ordinary’ activity for one business may not be
‘ordinary’ for another—so the benefits might be deemed
‘revenue’ in one entity and a ‘gain’ in another
(continues)
15–8
revenue (cont.)
• Differentiation between revenue and gains also
embraced by AASB 118 ‘Revenue’ (par. 7):
–
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
(continues)
15–9
revenue (cont.)
Scope of AASB 118 ‘Revenue’ is fairly restricted—applied to
accounting for revenue arising from transactions and events
relating to (par. 1):
a)
b)
c)
the sale of goods
the rendering of services
the use by others of entity assets yielding interest, royalties
and dividends
(continues)
15–10
revenue (cont.)
Recognition criteria provided for each of the above categories of revenue,
e.g. sale of goods (par. 14):
Revenue from the sale of goods is to be recognised when all of the
following conditions have been satisfied:
•
•
•
•
•
the entity has transferred to the buyer the significant risks and rewards
of ownership of the goods
the entity retains neither continuing managerial involvement to the
degree usually associated with ownership nor effective control over the
goods
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 costs incurred or to be incurred in respect of the transaction can be
measured reliably
(continues)
15–11
Definition of income and revenue
(cont.)
Where revenue has been recognised, AASB 118 requires that the
revenue be measured at the fair value of the consideration or
contributions received or receivable (par. 9)
–
–
If cash is not to be received for some period of time the future
amount to be received would need to be discounted to its
present value and the present value recognised as revenue
(refer to AASB 118, par. 11)
If cash is received for goods and services provided the revenue
recorded is equal to the cash received
15–12
Income and revenue recognition—current
practice
AASB 118 (Appendix A) provides guidance in relation to the
recognition of different types of revenues. In relation to the sale of
goods, guidance is provided in relation to:
–
–
–
–
–
–
goods sold subject to conditions
lay-by sales
orders when partial payment received in advance
subscriptions to publications
instalment sales
real estate sales
(continues)
15–13
practice (cont.)
–
Traditionally, revenue has been recognised at several
points in the earnings cycle (refer to Figure 15.1 on page
544—The earnings cycle), for example:
(i) at point 5 (progressively throughout production) in the building
industry for long-term construction contracts
(ii) at point 7 (receipt of orders after completing production) where it is
the responsibility of the purchaser to collect the goods
(iii) at point 8 (delivery of goods to customers)—in most cases
(iv) at point 9 (receipt of cash) by some professional practices and for
instalment credit sales
(continues)
15–14
practice (cont.)
–
Rarely, if ever, recognised prior to point 5 (progressively
throughout production)
▪
–
–
Uncertainty surrounding the ultimate irrevocable and
unconditional claim to cash (or its equivalent) prior to this
point
In practice, point 9 (receipt of cash) is considered too
conservative to be the general criterion
At point 8 (delivery of goods to customers) any uncertainty
remaining is accounted for by creating a ‘provision for
doubtful debts’
(continues)
15–15
practice (cont.)
•
•
Currently, we have a system of accounting based predominantly on
a historical cost, transaction-based system of accounting
We also make use of other approaches to valuation (e.g. market
values)
–
Increases in market values of marketable securities are recognised as
part of income—a departure from traditional historical accounting but still
consistent with the definition of income provided in the AASB Framework
Note:
• Different measurement models of assets and liabilities, e.g.
historical cost vs the modified historical cost system, will generate
different calculations of income and hence profits
15–16
Income and revenue recognition—according to
the AASB Framework
Paragraph 83 of the AASB Framework:
An item that meets the definition of an element (e.g. income)
should be recognised if:
(a)
(b)
the item has a cost or value that can be measured with
reliability
it is probable that any future economic benefit associated
with the item will flow to or from the entity
(continues)
15–17
Income and revenue recognition—according to
the AASB Framework (cont.)
Note:
•
Probable refers to more likely than less likely
•
‘Income’ can be subdivided into ‘revenue’ and ‘gains’
•
AASB 118 ‘Revenue’ provides recognition criteria for revenue
items
–
–
Revenue that relates to sale of goods, rendering of services, and
interest, royalties and dividends
Revenue from sales of goods and services is to be recognised when
the entity has transferred to the buyer the significant risks and rewards
of ownership of the goods (refer to pars 16 and 17 AASB 118 for
additional guidance)
15–18
Income and revenue recognition—at
completion of production
• At times, revenue may be recognised at the
completion of production, even when no sale has
been made
• Examples of such cases include the production of
precious metals or agricultural products
15–19
Income and revenue recognition—at the
time of sale
• The two conditions (probable economic benefits
and reliable measurement) for recognising revenue
are usually met by the time the product or
merchandise is delivered, or the services are
rendered to customers
• Normally determined by shipping terms, i.e. time of
sale is commonly interpreted as when title passes
(continues)
15–20
time of sale (cont.)
• F.O.B. shipping point
–
Title passes to the buyer (and revenue is recognised)
when the seller delivers goods to a common carrier who
acts as an agent for the buyer
• F.O.B. destination
–
Title does not pass (and revenue is not recognised) until
the buyer receives the goods from the carrier
(continues)
15–21
In advance of cash receipt
• When revenue is recognised in advance of receipt of cash, it is
common to recognise a ‘provision for doubtful debts’
–
Determined on basis of past experience and industry averages
– Journal entry
Dr
Doubtful debts expense
Cr
Provision for doubtful debts
– Provision for doubtful debts is contra account to debtors
(continues)
15–22
In advance of cash receipt (cont.)
• If goods are sold or services provided on credit terms, not all
amounts due from debtors will ultimately be collected
• To ignore this fact would lead to an overstatement of receivables
and assets in the balance sheet
• This is consistent with the general principle provided in par. 18 of
AASB 118
(continues)
15–23
In advance of cash receipt (cont.)
Accounting for bad debts
• When actual debtor is identified as unlikely to pay when amount
•
was previously anticipated:
Dr
Provision for doubtful debts
Cr Debtors
When debtor is identified as unlikely to pay and amount was not
previously anticipated:
Dr
Bad debts expense
Cr Debtors
15–24
Accounting for sales with associated
conditions
• Transactions involving the sale of assets with
conditions attached should be reviewed to assess
whether:
–
–
control of the future economic benefits has passed from
the seller to the purchaser; and
it is probable that the inflow of economic benefits to the
seller has occurred.
15–25
conditions—call and put options
Call option
•
•
•
•
Provides the holder of the option with the right to buy an asset at a
specified exercise price on or before a specified date
The party that writes the call option agrees to deliver a particular asset
to the call-option buyer, if that buyer instructs the other party to do so
A call option is considered to have value when the value of the
underlying asset exceeds the option’s exercise price
If at exercise date the exercise price is above or equal to the market
value of the asset, the option has no value
(continues)
15–26
conditions—call and put options (cont.)
Put option
•
•
•
•
•
Operates in reverse manner to a call option
Holder has the right to sell an asset at a specified exercise price on or
before a specified date
The writer or the seller of the put option agrees to buy the asset at a
future date for the exercise price if the put option holder (buyer) so
requests
The holder of the put option would typically exercise the option (require
the other party to buy the asset) only if the exercise price is above the
market price
Guarantees holders a minimum price for their assets
(continues)
15–27
conditions—call and put options (cont.)
• Where a transaction involves concurrent use of a
financial instrument, it is necessary to evaluate the
conditions attaching to the transaction to establish
whether, in substance, the transaction is a financial
arrangement rather than a sale
• Probability of the exercise of the options must be
considered in recognising revenue
15–28
conditions—revenue recognition when right of
return exists
• Alternative treatments available when the seller is
exposed to continued risks of ownership through
return of the product
–
–
–
Not recording the sale until all return privileges have
expired
Recording the sale but reducing sales by an estimate of
future returns
Recording the sale and accounting for the returns as they
occur
(continues)
15–29
conditions—revenue recognition when right of
return exists (cont.)
•
If a company sells its product but gives the buyer the right to
return the product, revenue from the sales transaction may be
recognised at the time of sale if all of the following conditions
have been met:
The seller’s price to the buyer is substantially fixed or
determinable at the date of sale
– The buyer has paid the seller, or the buyer is obligated to pay
the seller and the obligation is not contingent on the resale of the
product
– The buyer’s obligation to the seller would not be changed in the
event of theft or physical destruction or damage of the product
–
(continues)
15–30
Accounting for sales with associated conditions—
revenue recognition when right of return
exists (cont.)
•
Conditions for recognising revenue from a sale at the time of
the sale (cont.):
–
The buyer acquiring the product for resale has economic
substance apart from that provided by the seller
– The seller does not have significant obligations for future
performance to directly bring about the resale of the product by
the buyer
– The amount of future returns can be reasonably estimated
15–31
Accounting for sales with associated conditions—
sale and leaseback
•
•
•
Although ownership of the leased property has been transferred
to the purchaser/lessor, the vendor/lessee normally retains
control
The vendor/lessee has in effect entered into a financing
arrangement—leased property used as collateral for a loan
Transaction does not constitute a sale and does not give rise to
revenue
–
Inflow of economic benefits (proceeds from disposal) have resulted
in an equivalent liability (lease payable)
– Result is no increase in equity
15–32
Interest and dividends—interest revenue
• Interest revenue is recognised over time as the
borrower has the benefit of the borrowings and the
lender establishes claims for interest earned
• Prepayment of interest not regarded as revenue to
lender as lender has present obligation to provide
finance for the period to which the prepayment
relates
(continues)
15–33
Interest and dividends—interest
revenue (cont.)
•
Interest revenue might be implicit in the terms of a
transaction
–
–
For example, where goods are sold on extended credit,
vendor is effectively financing the purchaser
Transaction gives rise to two forms of revenue:
1.
2.
Sales revenue—present value of future payments
Interest revenue from financing activities
(continues)
15–34
revenue (cont.)
•
To estimate the present value of the proceeds, an applicable interest
rate inherent in the agreement must be determined
•
AASB 118 (par. 11):
– When the arrangement effectively constitutes a financing
transaction, the fair value of the consideration is determined by
discounting all future receipts using an imputed rate of interest.
The imputed rate of interest is the more clearly determinable of
either:
(a) the prevailing rate for a similar instrument of an issuer with a
similar credit rating; or
(b) a rate of interest that discounts the nominal amount of the
instrument to the current cash sales price of the goods or services.
(continues)
15–35
revenue (cont.)
•
The difference between the fair value and the nominal amount of the
consideration is recognised as interest revenue
•
Rate used for valuation purposes will normally be at least equal to
the rate at which the debtor can obtain financing of a similar nature
from other sources at the date of the transaction
•
Objective is to approximate the rate that would have resulted if an
independent borrower and an independent lender had negotiated a
similar transaction on comparable terms and conditions
Refer to Worked Example 15.1 on pp. 554–6—Recognition of
interest inherent in a sales transaction
15–36
Interest and dividends—dividend revenue
•
•
Dividends do not accrue over time but usually result from a
decision of the board of directors
Dividend revenue should be recorded once it is considered
probable that inflow of future economic benefits has occurred
and when these benefits can be measured reliably
–
In most cases this will be at the time the board of directors or other
governing body proposed the dividend
15–37
Unearned revenue
• Recorded when payment is received in advance of
services or resources being provided
• The receipts have not been earned
• Considered to be liabilities
–
Under present obligation to transfer future economic benefits
at a future date
Refer to Worked Example 15.2 on page 557—
Revenue received in advance
15–38
Accounting for
construction contracts
• Accounting issues result from some construction
projects taking a number of financial periods to
complete
–
–
Should revenue be recognised progressively throughout
the contract?
If so, how would the amount of revenue be determined?
• Deferral of revenue recognition until completion of
project would result in greater volatility of reported
revenues and of related profits or losses
(continues)
15–39
Accounting for
construction contracts (cont.)
• Governed by AASB 111 ‘Construction Contracts’
• Applies to the accounting methods adopted by a
contractor for all construction contracts
• Construction contract defined (AASB 111, par. 3):
–
A contract specifically negotiated for the construction of
an asset or a combination of assets that are closely
interrelated or interdependent in terms of their design,
technology and function of their ultimate purpose or use
• Refer also to AASB 111 (par. 4)
(continues)
15–40
Accounting for
Accounting requirements
• Individual construction contracts must be accounted for
separately and the requirements of the standard must be
applied separately to each contract
• AASB 111 (par. 9):
– A group of contracts, whether with a single customer or
with several customers, is to be treated as a single
contract when:
(a) the group of contracts is negotiated as a single package;
(b) the contracts are so closely interrelated that they are, in
effect, part of a single project with an overall profit margin;
and
(c) the contracts are performed concurrently or in a continuous
sequence.
(continues)
15–41
Accounting for
Accounting requirements (cont.)
• AASB 111 requires (if certain criteria are satisfied) that
contractors use the percentage-of-completion method to
account for construction contracts
–
Profit on construction contract is recognised in proportion to the
work performed in each reporting period in which construction
occurs
(continues)
15–42
Accounting for
• Construction costs plus gross profit earned to date
accumulated in inventory account (construction in
progress)
• Progress billings accumulated in contra inventory
account (billings on construction in progress
account)
(continues)
15–43
Accounting for
•
Percentage-of-completion method should be used provided
that certain conditions are met that enable the outcome of the
contract to be reliably estimated
AASB 111 (par. 22):
• When the outcome of a construction contract can be
estimated reliably, contract revenue and contract costs
associated with the construction contract are to be
recognised as revenue and expenses respectively by
reference to the stage of completion of the contract activity at
the reporting date
(continues)
15–44
Accounting for
Types of construction contracts
• Fixed-price contracts
• Cost-plus contracts
• Type of contract determines the conditions that must
be satisfied to use the percentage-of-completion
method
• Defined in par. 3 of AASB 111
(continues)
15–45
Accounting for
•
Conditions of use of percentage-of-completion method (AASB
111, par. 23):
With fixed-price contract:
–
total contract revenue can be measured reliably;
– it is probable that economic benefits arising from the contract will
flow to the contractor;
– both the contract costs to complete the contract and stage of
contract completion as at reporting date can be measured
reliably; and
– the contract costs attributable to the contract can be clearly
identified and measured reliably so that actual costs can be
compared with prior estimates.
(continues)
15–46
Accounting for
•
Conditions of use of percentage-of-completion method (AASB
111, par. 24):
With cost-plus contract:
–
it is probable that the economic benefits arising from the contract
will flow to the contractor; and
– the contract costs attributable to the contract, whether or not
specifically reimbursable can be clearly identified and measured
reliably
(continues)
15–47
Accounting for
If conditions are not satisfied:
•
no profit is to be brought to account until they are satisfied
•
at the extreme, no profit to be recognised until project completion
Note:
When outcome of construction contract cannot be estimated
reliably (AASB 111, par. 32):
(a)
(b)
revenue is to be recognised only to the extent of contract costs
incurred that it is probable will be recoverable; and
contract costs are to be recognised as an expense in the period in
which they are incurred
(continues)
15–48
Accounting for
Measuring progress towards completion
•
Percentage of completion can be measured in a number of ways
(per AASB 111, par. 30):
–
The entity uses the method that measures reliably the work
performed. Depending on the nature of the contract, the
methods may include:
(a)
(b)
(c)
•
in the proportion that contract costs incurred for work performed to
date bear to the estimated total contract costs;
surveys of work performed; or
completion of physical proportion of the contract work.
Progress payments and advances received from customers often
do not reflect the work performed
(continues)
15–49
Accounting for
Measuring progress towards completion
Cost basis:
•
The percentage of completion is measured by comparing costs
incurred to date with the most recent estimate of the total costs to
complete the contract
•
Only those contract costs that reflect the work performed are
included in costs incurred to date. Examples of contract costs
excluded are:
–
–
contract costs that relate to future activity on the contract, such as
costs of materials delivered or set aside but as yet not installed, used
or applied
payments made to subcontractors in advance of work performed
(continues)
15–50
Accounting for construction contracts
(cont.)
Types of costs incurred by contractors
(a)
Costs related directly to a specific contract, e.g. direct materials, direct
labour, depreciation of equipment, costs of moving plant and equipment,
expected warranty costs, costs of design and technical assistance directly
related to contract, costs of securing contract, costs of hiring plant and
equipment
(b)
Costs that are attributable to contract activity in general and capable of
being allocated on a reasonable basis to specific contracts, e.g. tender
preparation, insurance, design and technical assistance
(c)
Costs that relate to the activities of the reporting entity generally or that
relate to contract activity generally and are not normally related to specific
contracts, e.g. general administration and selling costs, finance costs and
research and development costs not directly related to contract
Note:
•
•
Costs (a) and (b) are normally included in accumulated contract costs
Costs (c) are usually excluded from accumulated contract costs
because they do not relate to reaching the present stage of completion
of a specific contract
(continues)
15–51
Accounting for
Calculation of percentage of completion (cost method):
Costs incurred to the end of the current period
Most recent estimate of total costs
Current period revenue or gross profit:
(estimated total revenue or gross profit from the contract)
multiplied by percentage complete less (total revenue or gross
profit recognised in prior periods)
(continues)
15–52
Accounting for
Journal entries for construction contract accounting
•
To record costs of construction:
Dr
Construction in process
Cr
Materials, cash, payables, etc.
•
To record billings to customers:
Dr
Accounts receivable
Cr
Billings on construction in process
(continues)
15–53
Accounting for
Construction Contracts (cont.)
•
To record collections of billings:
Dr
Cash
Cr
Accounts receivable
•
To record contract revenue and contract expenses:
Dr
Dr
Construction expenses (costs incurred)
Cr
Revenue from long-term contracts
(continues)
15–54
Accounting for
To record final approval of contract:
Dr
Billings on construction in process
Cr
(continues)
15–55
Accounting for
Disclosure requirements
• AASB 111 requires that the balance sheet or
accompanying notes:
–
–
disclose the gross amount of work in progress (or contract
costs incurred)
the related aggregate billings deducted from the work in
progress
(continues)
15–56
Accounting for
Disclosure requirements (cont.)
•
Work in progress will include the profit recognised throughout the
contract
•
If progress billings exceed the gross amount of construction work in
progress, the net amount should be shown as a liability or otherwise
disclosed as an asset
•
Disclosure requirements are outlined in AASB 111 (pars 39–42)
•
Appendix to AASB 111 provides an example of a disclosure that
might appear in an entity’s financial report
(continues)
15–57
Accounting for
Application of percentage-of-completion method to account
for construction contracts
–
Refer to Worked Example 15.3 on pp. 563–5—Percentage-ofcompletion method
–
Refer to Worked Example 15.4 on pp. 565–6—Construction
contract where outcome cannot be reliably estimated
(continues)
15–58
Accounting for
Accounting for long-term contract losses
When current estimates of total contract costs and
revenues for any contract indicate that a loss is
probable:
–
–
Provision should be made for any foreseeable loss on the
contract regardless of the amount of work already
performed
Loss is to be brought to account as soon as it is
foreseeable
(continues)
15–59
Accounting for
Accounting for long-term contract losses (cont.)
AASB 111 (par. 36):
When it is probable that total contract costs will exceed total
contract revenue, the expected loss shall be recognised as an
expense immediately.
(continues)
15–60
Accounting for
construction costs (cont.)
AASB 111 (par. 37):
Expected loss (excess of total contract costs over total contract
revenue) arising from a construction contract is recognised as an
expense irrespective of:
–
whether work has commenced on the project
– the stage of completion of the activity; or
– the difference between total contract costs and total contract revenue
expected to arise from other construction contracts
Refer to Worked Example 15.5 on page 566–8—Percentage of
completion with recognition of a loss
15–61
Summary
•
•
•
In this chapter the recognition of income and revenue has been
considered
AASB ‘Framework for the Preparation and Presentation of Financial
Statements’ requires that for income to be recognised the
associated inflow of economic benefits or associated reduction in
liabilities must be both probable and measurable with reasonable
accuracy
AASB 118 ‘Revenue’ provides a number of additional recognition
criteria, e.g. for revenue to be recognised, the risks and rewards of
ownership of the asset (for the sale of the goods) must be
transferred to the purchaser
(continues)
15–62
Summary (cont.)
•
Sales transactions are often made with associated conditions (e.g.
call and put options or a right to return the assets):
– It is necessary to consider whether they reduce the probability
that the inflow of resources will ultimately occur
– If it appears that an option that will reduce the inflow of
resources will probably be exercised or that the right of return
will be exercised, the revenue should not be recognised by the
reporting entity until such time as the requisite degree of
certainty is attained and in the inflow of economic benefits will
occur
– Determining whether revenue should be recognised will also
depend on the system of accounting being used, i.e.
measurement model being adopted
(continues)
15–63
Summary (cont.)
•
•
•
•
Under historical-cost accounting the increase in the value of
marketable securities would not be considered as revenue until
such time as the securitiies are sold
If a market values-based system is used increased market prices
of assets could be treated as part of the period’s income
Revenue and expenses related to a construction contract are to be
recognised by applying the percentage-of-completion method if the
outcome and stage of completion of the construction contract can
be reliably estimated
Where percentage-of-completion method is applied, revenue is
brought to account with a corresponding increase in construction in
progress on the basis of percentage of completion
(continues)
15–64
Summary (cont.)
•
•
•
Percentage of completion is measured typically by comparing costs
incurred to date with the most recent estimate of the total costs to
complete the contract
Revenue will be recognised throughout the life of the contract, but if the
percentage-of-completion method is used and it becomes apparent that
a loss will be made, the entire loss must be recognised as soon as it is
foreseeable
For disclosure purposes, billings on construction in progress account is
shown in the balance sheet as a deduction from construction in
progress account—if billings account balance exceeds construction in
progress account the net amount represents a liability
15–65

Chapter 15 Revenue recognition issues –1 15

Transcription

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