Microsoft, in Oct 2019, released Revenue Recognition feature for Finance module. I’ll give you a brief recap of what it is for and how we use the function in Dynamics 365 Finance and Operations (D365FO) Before jumping into the features, I’ll explain IFRS 15 in layman’s term (if you want to get more knowledge of IFRS 15 with accounting technical term you can google it). IFRS 15 is new reporting standard to set the new standard replacing the old accounting standard rules: IAS 18 (sale of services, sale of goods, and royalties) IAS 11 (Construction contracts) IFRS 15, became effective in Jan 2018, is expected to outline a standard rule on how the entity should recognize the revenue on the contracts. I’ll use the following examples to help me explain how the IFRS 15 works. Telstra sells a $100 plan/month for 12 months to a customer. The plan comes with a headset. Prior to IFRS 15, an entity may book (/recognize) the revenue for $100 per month over the period of 12 months. ...
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