The CIPM also says that "in order to avoid any risk of confusion between the absorbed dose D and the dose equivalent H, the special names for the respective units should be used, that is, the name gray should be used instead of joules per kilogram for the unit of absorbed dose D and the name sievert instead of joules per kilogram for the unit of dose equivalent H". The sievert represents the equivalent biological effect of the deposit of a joule of radiation energy in a kilogram of human tissue.
If you manufacture similar items in large amounts that are basically typified and not too specific, then you can still be affected by IFRS 15 — just look to example below.
However, manufacturers of specific equipment or goods in general with long period of a production can be affected painfully.
What you should watch out: Should you recognize revenue over time or at the point of time? If over time, how are you going to measure the progress towards completion? How should you account for contract modifications, e.
Do you provide post-delivery rebates? Year-end bonuses to customers based on total volume ordered during the year?
Then you are probably affected by IFRS Should you split your contract into more performance obligations? This could be the case when you provide some warranty period for your products — should the warranty be accounted for separately?
Are you providing any other services for your products? Do you incur certain costs for obtaining the contract, like bonuses to sales team? Maybe you should capitalize them, and not expense them immediately as before.
To illustrate the potential impact of IFRS 15, let me give you one example dealing with contract modification.
Manufacturers and contract modifications Ball PC, computer manufacturer, enters into contract with Forward University to deliver computers for total price of CU CU 2 per computer.
Due to necessary preparation works, Forward University agrees to deliver computers in 3 separate deliveries during the forthcoming 3 months computers in each delivery. Forward University takes control over the computers at delivery. Ball PC will supply additional computers in total.
How should Ball PC account for the revenue from this contract for the year ended 31 December 20X1 if: As of 31 December 20X1, Ball PC delivered computers as agreed initially and under the contract amendment.
Revenue under previous rules IAS 18 Well, here, nothing much to say. By definition of revenue in line with IAS 18, the revenue for the delivery is simply accounted at the time of delivery, in the fair value of consideration received for the computers — which is whatever amount under 2 above scenarios.
You are not required by IAS 18 to examine whether this additional delivery reflects stand-alone selling prices or not. The revenue for the year ended 31 December 20X1: You bet it is NOT! Revenue under IFRS 15 Here, the additional contract represents typical contract modification, as the amount of computers changes and the total transaction price changes, too.
IFRS 15 precisely specifies how to account for contract modifications, based on the terms of modification.Most of the following examples were provided by CIC member institutions and the expert presenters that participated in Securing America’s Future workshops in – They represent distinct but replicable responses to common challenges that many independent colleges and universities face.
Fact Checker days of Trump claims Throughout President Trump’s first days, the Fact Checker team tracked false and misleading . When writing a word essay, every word and thought counts. These essays are helpful to practice making a clear, concise point about a topic.
You may be expected to write an essay in as little as words in order to show your understanding of a topic and practice your communication skills. The ADS contains the organization and functions of USAID, along with the policies and procedures that guide the Agency's programs and operations.
It consists of over chapters organized in six functional series: Agency Organization and Legal Affairs, Programming, Acquisition and Assistance, Human Resources, Management Services, . The sievert (symbol: Sv) is a derived unit of ionizing radiation dose in the International System of Units (SI) and is a measure of the health effect of low levels of ionizing radiation on the human body.
The sievert is of importance in dosimetry and radiation protection, and is named after Rolf Maximilian Sievert, a Swedish medical physicist renowned for . omics group has scheduled its , and international and scientific conferences, meetings, events, workshops and symposiums in america, europe, asia.