Agenda Item 10: Revenue
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1 Agenda Item 10: Revenue Amon Dhliwayo Manager, Standards Development and Technical Projects IPSASB Meeting Kuala Lumpur, Malaysia December 4 7, 2018 Page 1 Proprietary and Copyrighted Information
2 Session Outline Agenda Item Proposed Scope. Proposed Terminology Changes to Customer. Identification/Definition of a Contract. Page 2 Proprietary and Copyrighted Information
3 Reason to Assess the Scope (Agenda Item ) Broad Scope of Revenue Gross inflows of Economic benefits or Service potential (not Contribution from Owners). Some Transactions may need to be accounted in Other Standards IPSAS 9 Revenue from sale of goods and services, dividends, interest and royalties. IPSAS 11 Services rendered from Construction of Assets Ordinary Activities and Activities Outside the Ordinary course of business IFRS 15 is only underpinned by Contract. Public sector is underpinned by Binding Arrangements Page 3 Proprietary and Copyrighted Information
4 Proposed Scope In scope Similar to IFRS 15 In scope of Other Standards Foreign Exchange Gains (IPSAS 4) Non monetary exchanges between entities in the same line of business. Binding Arrangements Financial Instruments, Leases and Insurance (IPSAS 41, 13/ED 64 and Insurance National Standards). Gains on sale of Non-Current Assets (IPSAS 16, 17 and 31) Revenue from Binding Arrangements with Customers [Includes Licenses (IP and non-ip) and Royalties] Interest revenue from Leases (IPSAS 13/ED 64). Changes in fair value of Biological Assets and Investment Properties (IPSAS 27 and IPSAS 16 respectively) Revenue from Dividends (IPSAS 41) Interest revenue from Financial Instruments (IPSAS 34, 35, 36, 37 and 41). Page 4 Proprietary and Copyrighted Information
5 Non monetary Exchanges Appropriateness of Example Some jurisdictions state that the examples used for nonmonetary exchanges are not suitable for the public sector. IFRS 15 refers to non-monetary exchanges of Oil. IPSAS 9 refers to non-monetary exchanges of Oil and Milk. Staff propose use of the example of Electricity. (Similar to IPSAS 41, Financial Instruments). Page 5 Proprietary and Copyrighted Information
6 Proposed Scope (Agenda Item ) Decision 1. Does the IPSASB agree with the Proposed Scope? 2. Does the IPSASB agree with changing the example of nonmonetary exchanges? Page 6 Proprietary and Copyrighted Information
7 Customer Various Terms Assessed (Agenda Item ) Purchaser Customer Another Party These terms were not Considered Counterparties are not Customers in Tripartite Arrangements Other Party Buyer Beneficiary Resource Provider Commissioner/ Commissioning Body User Consumer Payer Contractor Payee Counterparty Service Recipient Resource Recipient Page 7 Proprietary and Copyrighted Information
8 Customer Tripartite Arrangements (Agenda Item ) Public Sector Transactions often involve Three Parties Resource provider Customer that provides/pays the consideration. Not necessarily the party that receives the goods and services. Resource/service recipient - Receives the consideration and delivers goods and services. Beneficiary of those services - Individuals or households. Example, Central government (Customer) provides funding to a Regional Health Department (Resource Recipient) to conduct bone density screening for Citizens (Beneficiaries) over 55 years of age. Page 8 Proprietary and Copyrighted Information
9 Customer Various Terms Assessed (Agenda Item ) Payer Counterparty Payee Buyer Contractor Other Party Another Party Buyer (IAS 18) and Contractor (IAS 11) replaced by IASB when issued IFRS 15. Customer Customer is more suitable for the private sector. (Aligned to IFRS 15). Another Party, Counterparty, Other Party, Payee and Payer are not acknowledged in the Conceptual Framework. Not widespread in IPSAS literature. Commissioner/ Commissioning Body Commissioner refers to a person appointed to a specific role. Commissioning Body refers to a group of people charged with certain duties. (Commission of Inquiry/Government Agency/ Board). Page 9 Proprietary and Copyrighted Information
10 Proposed Terms - (Agenda Item ) Recommended Term Resource Provider Conceptual Framework. Suitable for Public Sector Tripartite Arrangements. No proper definition in the Conceptual Framework and Other IPSAS literature. Alternative Term Purchaser Widespread in the IPSAS literature. Suitable for Public Sector Tripartite Arrangements. No proper definition in the Conceptual Framework and Other IPSAS literature. Page 10 Proprietary and Copyrighted Information
11 Proposed Term Decisions 1. Does the IPSASB agree with the term Resource Provider? 2. If not, does the IPSASB agree with the alternative term, Purchaser? Page 11 Proprietary and Copyrighted Information
12 Identification/Definition of a Contract (Agenda Item ) # Criteria to be met (IFRS 15) Applicability to Public Sector 1. Parties have approved the Contract. Yes = Binding Arrangement 2. Party s rights regarding the goods or services to be transferred are identified. Yes 3. Payment terms identified. Yes 4. Commercial substance. Yes = Economic Substance. 5. Collection of consideration is Probable (Customer s Ability and Intention to Pay)? Page 12 Proprietary and Copyrighted Information
13 Identification/Definition of a Contract continued (Agenda Item ) Implications of the Probability Criterion 1. Collection of consideration NOT PROBABLE = Not in the Scope of IFRS 15 and No recognition Continuous Assessment. 2. If collection of consideration IS PROBABLE = In the Scope of IFRS Private sector entities generally enter into Contracts which are probable to collect payment. Small Population of Contracts are not Probable. 4. Public sector entities have numerous contracts which are not probable. Does that mean that such contracts are not in the scope of Revenue? Page 13 Proprietary and Copyrighted Information
14 Identification/Definition of a Contract continued (Agenda Item ) H i g h Option 1 Remove Step 5 (More contracts are in the scope). Revenue recognized for all contracts. Impairment assessed subsequently. Accountability (Management of Revenue and Receivables). Premature recognition of revenue. (Departure from IPSAS). Option 3 Retain 5 Steps with Additional Application Guidance to Step 5. Application Guidance that permits and not require recognition of contracts that are not probable as there are material to the public sector. Similar to IPSAS 23 (Services-in Kind). Extensive Disclosures. Options reduce Comparability. Option 2 Retain 5 Steps (Similar to IFRS 15. Few contracts in scope). Revenue is recognized when probable and not recognized when not probable. Continuous Assessment. Aligned to IPSAS 9 & IFRS 15. Faithful representation (Only probable items are recognized). Increased subjectivity (Assessing probability). L o w Page 14 Proprietary and Copyrighted Information
15 Identification of a Contract Decision 1. Which Option does the IPSASB elect? Page 15 Proprietary and Copyrighted Information
16 Page 16 Proprietary and Copyrighted Information
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