IFRS 15 ‘고객과의 계약으로부터 생기는 수익’ : 건설계약의 기간에 걸쳐 인식하는 수익 적용 사례

The International Accounting Standards Board (IASB) announced IFRS 15 ‘Revenue from Contracts with Customers’ in 2014 requiring mandatory adoption from 2018. The main purpose of IFRS 15 is to provide a comparable standard for revenue recognition across the industries. The IASB predicted that there would be no significant change in revenue recognition by firms after adoption of IFRS 15 if industry has a consistent practice of revenue recognition. However, several questions were submitted to IFRS Interpretations Committee (IFRS IC) regarding the application of IFRS 15 on revenues recognition over time in construction contracts. The purpose of this study is to enhance our understanding of the new standard for revenue recognition over time by introducing the questions and final decisions by IFRS IC on them. More specifically, the questions submitted to IFRS IC show the meaning of ‘alternative use’ and ‘right to payment’ required by paragraph 35(c) of IFRS 15 to recognize revenue over time. The questions submitted to IFRS IC shows the difference in understanding on paragraph 35(c) between practitioners and IASB, which provides important implication to Korean construction industries.