September 30 2010 Agenda-I Revenue Recognition 1 Kato

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September 30, 2010 Agenda-I Revenue Recognition  1 Kato Atsu Vice-Chair of the ASBJ Emi September 30, 2010 Agenda-I Revenue Recognition  1 Kato Atsu Vice-Chair of the ASBJ Emi Chujo Senior Project Manager of ASBJ

Revenue Recognition Working Group Lead / Co-Lead Japan / Singapore Working Group Members Australia, Revenue Recognition Working Group Lead / Co-Lead Japan / Singapore Working Group Members Australia, China, Indonesia, Hong Kong, Macao, Malaysia and New Zealand 2

Background üExposure Draft “Revenue from Contracts with Customers” was published by IASB on 24 Background üExposure Draft “Revenue from Contracts with Customers” was published by IASB on 24 th June, 2010. üWG members found various concerns on ED. üAOSSG plans to submit our comments and proposals by the comment letter to IASB. *”Comment letter (Draft)” and “Results of survey among WG members” are included in the materials of mtg. 3

Further Steps After the discussion at the AOSSG meeting, 1) ASBJ will circulate the Further Steps After the discussion at the AOSSG meeting, 1) ASBJ will circulate the revised comment letter to all AOSSG members on 4 th Oct. 2) AOSSG members will be invited for any additional comments to ASBJ by 11 th Oct. 3) ASBJ will send the final comment letter to IASB by 22 nd Oct. 4

Focus Issues Today, we will focus on… I. Identification of Performance Obligations (Q. 2) Focus Issues Today, we will focus on… I. Identification of Performance Obligations (Q. 2) II. Transfer of Control (Q. 3) III. Customer’s Credit Risk (Q. 5) IV. Allocation of Transaction Price *Q. # refers to the question number on ED. (Q. 7) 5

I. Identification of Performance Obligations Key concerns (paragraph 22&23 on ED) “Distinct” Concept üReference I. Identification of Performance Obligations Key concerns (paragraph 22&23 on ED) “Distinct” Concept üReference of “Another Entity” could result in identifying more PO in par. 23(a) than (b). Only the entity’s own business practice should be considered in applying the “distinct concept”. üPractical Difficulties 6

II. Transfer of Control Key concerns üIndicators (paragraph 30 on ED) should be clarified II. Transfer of Control Key concerns üIndicators (paragraph 30 on ED) should be clarified by: • Prioritization; • Setting the key indicator; • Giving a higher status for “Unconditional obligation to pay”; or • Adding “Risks & Rewards” as indicator 7

II. Transfer of Control (cont’d) Key concerns üConstruction or Long-Term Contracts is the region II. Transfer of Control (cont’d) Key concerns üConstruction or Long-Term Contracts is the region specific issue. ASC will present on this issue later. 8

III. Customer’s Credit Risk Key concerns Mixed views on reflecting the customer’s credit risk III. Customer’s Credit Risk Key concerns Mixed views on reflecting the customer’s credit risk üReduction of Transaction Price (Paragraph 43 on ED) VS ü Impairment of Receivables (Some AOSSG members’ proposal) 9

IV. Allocation of Transaction Price Key concerns (Paragraph 50 on ED) üAllocation of Discount IV. Allocation of Transaction Price Key concerns (Paragraph 50 on ED) üAllocation of Discount in Contract Should any discount be allocated proportionally to the separate PO in the contract? 10

Thank you ! 11 Thank you ! 11

Appendix Reference to ED 12 Appendix Reference to ED 12

Reference “Distinct” Notion ED states in Paragraph 22: If an entity promises to transfer Reference “Distinct” Notion ED states in Paragraph 22: If an entity promises to transfer more than one good or service, the entity shall account for each promised good or service as a separate performance obligation only if it is distinct. . 13

Reference of “Another Entity” ED states in Paragraph 23: A good or service, or Reference of “Another Entity” ED states in Paragraph 23: A good or service, or a bundle of goods or services, is distinct if either: (a) the entity, or another entity, sells an identical or similar good or service separately; or (b) the entity could sell the good or service separately because the good or service meets both of the following conditions: (i) it has a distinct function… (ii)it has a distinct profit margin… 14

Reference Indicators ED states in Paragraph 30: …Indicators that the customer has obtained control Reference Indicators ED states in Paragraph 30: …Indicators that the customer has obtained control of a good or service include the following: (a) the customer has an unconditional obligation to pay… (b) the customer has legal title… (c) the customer has physical possession… (d) the design or function of the good or service is customer specific… 15

Reference Reduction of Transaction Price ED states in Paragraph 43: …In determining the transaction Reference Reduction of Transaction Price ED states in Paragraph 43: …In determining the transaction price, an entity shall reduce the amount of promised consideration to reflect the customer’s credit risk. . Once an entity has an unconditional right to consideration…, the effects of changes in the assessment of credit risk associated with that right to consideration shall be recognized as income or expense rather than as revenue. 16

Reference Single Prescribed Method ED states in Paragraph 50: An entity shall allocate the Reference Single Prescribed Method ED states in Paragraph 50: An entity shall allocate the transaction price to all separate performance obligations in proportion to the standalone selling price of the good or service underlying each of those performance obligations at contract inception (that is, on a relative standalone selling price basis). 17

Reference Estimation of Stand-Alone Price ED states in Paragraph 51: The best evidence of Reference Estimation of Stand-Alone Price ED states in Paragraph 51: The best evidence of a standalone selling price is the observable price of a good or service when the entity sells that good or service separately. . If a standalone selling price is not directly observable, an entity shall estimate it. 18




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