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Technology | IFRS 15 Revenue - Are you good to go?

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Practical guidance for software and technology companies on implementing the new revenue recognition standard. Find out more at kpmg.com/ifrs.

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Technology | IFRS 15 Revenue - Are you good to go?

  1. 1. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. May 2017 kpmg.com/ifrs TechnologyIFRS 15 Revenue – Are you good to go?
  2. 2. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Areyougoodtogo? 2 IFRS 15 will change the way many technology companies account for their contracts. To help you drive your implementation project to the finish line, we’ve pulled together a list of key considerations that many technology companies 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. Performanceobligations 4 Capable of being distinct Distinct in the context of the contract+ Think about… Do any of the goods or services promised in the contract meet the new ‘distinct’ test to be accounted for separately? Licences | Customisation | Installation | Cloud services | Customer support | Updates
  5. 5. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Licencesofintellectualproperty 5 How and when will you recognise licence revenue? Will the software be used in its current form? Point-in-time recognition Over-time recognition Use licence guidance Apply general guidance Yes No Yes No Is the licence distinct? Think about… Software: Is it complete or does it require constant updates?
  6. 6. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Royaltyarrangementsforlicences 6 Do your royalty arrangements qualify for the royalty exception? Exception applies – Recognise revenue as sales or usage occurs Apply general guidance YesDoes the royalty relate only or predominantly to a licence for IP? Is it sales- or usage-based? No No Yes Think about… Tiered royalties | Royalties with a guaranteed minimum
  7. 7. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Variableconsiderationandcustomeroptions 7 Have you decided whether your arrangements include variable consideration or customer options? Include an estimate of expected future purchases in the transaction price Variable consideration Exclude consideration from exercise of the option from the transaction price Customer option Think about… Processing fees | Transaction fees | Price concessions | Discounts | Refunds
  8. 8. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. 8 Allocatingthetransactionprice How will you determine the stand-alone selling prices of your performance obligations and allocate the transaction price? Use observable price Estimate Yes No Is the price directly observable? Estimation methods include ― Adjusted market assessment ― Cost plus ― Residual value Think about… Selling price of licences | Allocation of discounts and variable consideration
  9. 9. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. 9 Timingofrevenuerecognition Revenue is recognised… or Will there be any changes to the timing of your revenue recognition? Think about… Over time if specific criteria are met At the point in time when the customer obtains control Customisation | Access keys | Hosting services | Licence renewals | Customer support
  10. 10. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Measureofprogress 10 Have you determined a single measure of progress for the performance obligations satisfied over time? Think about… Customised software | Outsourcing arrangements | Anti-virus software ― Costs incurred ― Labour hours Input method ― Milestones reached ― Time elapsed Output method
  11. 11. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. 11 Think about… Capitalise costs… ― incremental to obtaining a contract – e.g. sales commissions ― related to future performance You’ll need to… Recognise work in progress as a balance sheet ‘true up’ to ensure a smooth profit margin You can no longer… Contractcosts Does your accounting policy for contract costs meet the requirements of IFRS 15? Renewal commissions | Customisation costs including licences | Set-up costs
  12. 12. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Transitionadjustments 12 Have you identified all of the areas where differences exist between IFRS 15 and your existing accounting? 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 !
  13. 13. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Disclosurerequirements 13 Have you identified the additional information and processes needed to meet the disclosure requirements? 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
  14. 14. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Checklistofactions Have you…?  Determined whether your contracts include more than one performance obligation?  Determined how to account for your licences of intellectual property?  Assessed whether your royalty arrangements qualify for the royalty exception?  Assessed whether your contracts include variable consideration or customer options?  Determined the stand-alone selling prices of your performance obligations and allocated the transaction price?  14 Have you…?  Assessed whether the timing of your revenue recognition will change?  Selected your measure of progress for contracts recognised over time?  Decided which contract costs you will capitalise?  Identified and quantified your transition adjustments?  Identified the additional information needed to meet the disclosure requirements? 
  15. 15. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Howdidyoudo? 15 How many of our 10 questions have you answered ‘yes’? All 10 – You’re good to go! 6-9 – You’re on your way 0-5 – You really need to engage
  16. 16. © 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 16
  17. 17. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Findoutmore 17 Talk to your usual KPMG contact Use our Transition toolkit Follow the discussion on LinkedIn
  18. 18. © 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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