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Automotive suppliers | IFRS 15 Revenue – Are you good to go?

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Practical guidance for auto parts markers on implementing the new revenue recognition standard. Find out more at kpmg.com/ifrs15.

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  • Practical guidance for auto parts markers on implementing the new revenue standard
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Automotive suppliers | IFRS 15 Revenue – Are you good to go?

  1. 1. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. AutomotivesuppliersIFRS 15 Revenue – Are you good to go? December 2017 kpmg.com/ifrs
  2. 2. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Areyougoodtogo? 2 IFRS 15 may change the way many automotive suppliers account for different stages of their projects, such as framework agreements, tooling arrangements, serial production and subsequent contract modifications. To help you drive your implementation project to the finish line, we’ve pulled together a list of key considerations that many suppliers need to focus on.
  3. 3. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. 3 For each of the following, documenting your analysis and the conclusions drawn will be essential
  4. 4. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Nominationfees Should payments to customers made during the tender process be netted against revenue? 4 A payment to a customer that is not for a distinct good or service is netted against revenue… … at the later of when you… ― recognise revenue for related goods or services, or ― pay, or promise, the amount Payments made before a contract exists Think about…
  5. 5. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Frameworkagreements 5 Do your framework agreements meet the contract existence criteria? Approved and parties committed to obligations Generally, you can only recognise revenue from a contract once all of these criteria are met Collection of consideration is probable Contract has commercial substance Rights and payment terms are identified Master service agreements (MSAs) | Tooling arrangements | Subsequent purchase orders Think about…
  6. 6. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Pre-productionengineering 6 How will you account for your engineering and development activities? Intangible asset/ fulfilment costs Who develops the intellectual property | Who controls the intellectual property Think about… Collaborative arrangement Promised service The accounting will depend on the scope of your activities
  7. 7. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Tooling 7 Have you determined the accounting treatment for tools manufactured? Tooling arrangements vary and need to be analysed on a case-by-case basis Lease? Sale? Property, plant and equipment? Who develops them | Who owns them | Who directs their use Think about…
  8. 8. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Financialassistancebycarmakers 8 Do advance payment terms in your contracts give rise to a significant financing component? Performance date Interest expense Advance payment Practical expedient – No need to recognise if period between payment and performance is < 1 year If the timing of performance is at the customer’s discretion, then there is no significant financing component
  9. 9. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Pricingarrangements Do you need to defer revenue because promised price reductions and cross-subsidies give rise to material rights ? 9 A material right is an option to acquire additional goods or services… Obtained by entering into the original contract At a price lower than their stand-alone selling prices+ Efficiency savings passed on to a customer | Replacement tools | Other discounts Think about…
  10. 10. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Productionphase–Over-timevspoint-in-time 10 Some of your production orders or services may qualify for percentage of completion accounting e.g. engineering services e.g. modifying parts owned by car makers e.g. serial production of built-to-order parts Customer consumes benefits as entity performs Customer controls asset as it’s created Asset has no alternative use and right to payment exists You’ll need to assess whether one of these three criteria are met
  11. 11. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Productionphase–Serialproduction 11 Is substantively the same Uses the same method to measure progress + Meets the over- time recognition criteria + A series of distinct goods are accounted for as a single performance obligation if each good… Do your contracts for multiple units of similar parts or components meet the ‘series’ requirements? The series guidance may bring forward revenue recognised in the case of ‘learning curve costs’
  12. 12. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Modificationsandpriceadjustments 12 Have you documented your accounting policy for contract modifications and price adjustments? Termination of existing contract and creation of a new one Cumulative catch-up Yes No Is the price of the new goods or services commensurate with their stand-alone selling price? Separate contractIs the modification distinct from goods or services already transferred? Yes No Purchase orders under MSAs | Renegotiations of terms and specifications Think about…
  13. 13. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Transferofwork-in-progress 13 How will you account for work-in-progress transferred from car makers? Yes No Financing arrangement Revenue reduction Yes No Account for inventory Do you obtain control over transferred work- in-progress? Do you have a contractual right to receive cash back?
  14. 14. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Transitionadjustments 14 Use the helpful guidance in our Transition Options and Issues In-Depth publications IFRS 15 is more detailed than the existing revenue requirements, so you may find unexpected changes in your accounting Have you identified all of the areas where differences exist between IFRS 15 and your existing accounting?
  15. 15. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Disclosurerequirements 15 Read our Guide to annual financial statements – IFRS 15 supplement Under IFRS 15, you’ll need to provide more detailed information about contract terms, as well as how and when you recognise revenue Have you identified the additional information and processes needed to meet the disclosure requirements?
  16. 16. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Checklistofactions Have you…?  Adjusted revenue for nomination fees?  Determined how you will account for projects in the framework agreement stage?  Chosen your accounting policies for pre- production engineering activities?  Determined your accounting treatment for tooling?  Identified and calculated any significant financing components arising from financial assistance?  Determined whether your pricing arrangements – e.g. efficiency savings and other discounts – require you to defer revenue?  16 Have you…?  Assessed whether any of your production orders or services qualify for over-time revenue recognition?  Decided how you will account for serial production of distinct units (e.g. parts or components)?  Documented your accounting policy for modifications and price adjustments?  Assessed how you will account for work-in- progress transferred from car makers?  Identified and quantified your transition adjustments?  Identified the additional information and processes needed to meet the disclosure requirements? 
  17. 17. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Howdidyoudo? 17 How many of our 12 questions have you answered ‘yes’? All 12 – You’re good to go! 5-11 – You’re on your way 0-4 – You really need to engage
  18. 18. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Don’tforgetthebroaderbusinessimpacts Have you… ― updated your management reporting, including KPIs? ― developed a transition plan for parallel runs, including reconciliations? ― thought about the tax implications? ― calculated the impact on bonus schemes? ― compared your approach with peers? Revenue Accounting Change Accounting, tax and reporting Data, systems and processes Business People and change 18
  19. 19. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Nextsteps 19 Talk to your usual KPMG contact Use our Transition toolkit Follow ‘KPMG IFRS’ on LinkedIn
  20. 20. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. KPMG International Standards Group is part of KPMG IFRG Limited. KPMG International Cooperative (“KPMG International”) is a Swiss entity that serves as a coordinating entity for a network of independent firms operating under the KPMG name. KPMG International provides no audit or other client services. Such services are provided solely by member firms of KPMG International (including sublicensees and subsidiaries) in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any other member firm, nor does KPMG International have any such authority to obligate or bind KPMG International or any other member firm, in any manner whatsoever. The KPMG name and logo are registered trademarks or trademarks of KPMG International. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. kpmg.com/socialmedia

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