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1、 New on the Horizon: Revenue recognition for telecoms International Financial Reporting Standards July 2010 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved. Foreword In the exposure draft ED/2010/6 Revenue from Contracts with Customers the International Accounting Sta
2、ndards Board (IASB) and the US Financial Accounting Standards Board (FASB) propose a new model for revenue recognition. Under these joint proposals, entities, whether reporting under IFRSs or US GAAP , would apply a common approach to revenue recognition across transactions and across industries for
3、 the first time. For users of IFRSs, the proposed new revenue recognition model would replace accounting standards on revenue that were introduced in 1993 and have remained largely unchanged since then. In a US GAAP context, this single model would replace more detailed guidance under which many ent
4、ities follow approaches that are specific to the industries in which they operate or types of transactions. The central proposal is that entities would identify the performance obligations contained within contracts with customers and recognise revenue as those performance obligations are satisfied
5、by transferring goods and services to customers. The overall focus on the systematic identification and pricing of performance obligations is likely to feel familiar to most telecoms. However, the proposed guidance on identifying and pricing separate performance obligations is more detailed and pres
6、criptive than that under current IFRSs, which will result in differences from current practice. Key areas for telecoms considering the proposals will be the accounting for the sale of handsets in a bundled transaction and the treatment of so-called “contingent revenue” , and onerous contracts. It wi
7、ll be important that constituents assess whether this guidance is sufficiently robust and operational, and reflects fairly the wide range of business models to which it would need to be applied. We hope that this publication will assist you in gaining a greater understanding of the proposals in ED/2
8、010/6. We encourage you to join in the debate and to provide the IASB with your comments by the deadline of 22 October 2010. Sean Collins John Edwards Global Chair of the Telecoms sector Audit Partner Telecoms sector KPMG in Singapore KPMG in the UK 2010 KPMG IFRG Limited, a UK company, limited by g
9、uarantee. All rights reserved. About this publication This publication has been produced by the KPMG International Standards Group (part of KPMG IFRG Limited). We would like to acknowledge the efforts of the principal authors of this publication, which has been developed from our cross-industry publ
10、ication New on the Horizon: Revenue from contracts with customers. The authors of the cross-industry publication included Emmanuel Lahouste, Astrid Montagnier, Brian ODonovan and Hirotaka Tanaka of the KPMG International Standards Group. The authors of this industry-based publication include Phil Do
11、wad, Aditya Maheshwari and Julie Santoro of the KPMG International Standards Group. Content Our New on the Horizon publications are prepared upon the release of a new proposed IFRS or proposed amendment(s) to the requirements of existing IFRSs. They include a discussion of the key elements of the ne
12、w proposals and highlight areas that may result in a change of practice. This edition of New on the Horizon considers the proposed requirements of ED/2010/6 Revenue from Contracts with Customers (the ED), which was published by the IASB and the FASB on 24 June 2010, with additional focus on the pote
13、ntial impact of the proposals on telecoms. The text of this publication is referenced to the ED and to selected other current IFRSs in issue at 30 June 2010. References in the left-hand margin identify the relevant paragraphs. Further analysis and interpretation will be needed in order for an entity
14、 to consider the potential impact of this ED in light of its own facts, circumstances and individual transactions. The information contained in this publication is based on initial observations developed by the KPMG International Standards Group, and these observations may change. Other KPMG publica
15、tions A more detailed discussion of the general accounting issues that arise from the application of IFRSs can be found in our publication Insights into IFRS. In addition to Insights into IFRS, we have a range of publications that can assist you further, including: Accounting under IFRS: Telecoms Im
16、pact of IFRS: Telecoms IFRS compared to US GAAP Illustrative financial statements for interim and annual periods IFRS Handbooks, which include extensive interpretative guidance and illustrative examples to elaborate or clarify the practical application of a standard New on the Horizon publications, which discuss consultation papers Newsletters, which highlight recent developments IFRS Practice Issue publications, which discuss specific requirements and pronouncements F
