|
- Principal vs Agent, or Reporting Revenue Gross vs Net (IFRS 15)
Under IFRS 15, a principal recognises revenue and expenses in gross amounts, whereas an agent merely recognises fees or commissions
- 10. 2 Principal versus agent framework - Viewpoint
The principal versus agent assessment is a two-step process that consists of (1) identifying the specified good or service to be provided to the end consumer and (2) assessing whether the reporting entity (intermediary) controls the specified good or service before it is transferred to the end consumer
- Principal Agent Considerations (Gross vs Net) in ASC 606
Analysis and examples of the criteria for determining principal vs agent (gross vs net) presentation under ASC 606 Before recognizing revenue under ASC 606, an entity must determine whether it is a principal or an agent for each promised good or service
- Principal or Agent - Revenue or Liability? - CPDbox - Making IFRS Easy
Should you account for revenues on a net basis or on a gross basis? That depends on whether you are a principal or an agent What do IFRS say? Find out here
- Principal vs Agent: Key Differences, Roles, and Financial Implications
This article examines the roles, differences, and financial implications of principal-agent relationships, clarifying how these interactions shape contractual agreements, compensation structures, and liability issues
- Principal vs. Agent Considerations in Revenue Recognition | Accounting . . .
The principal vs agent considerations are governed by accounting standards such as IFRS 15 “Revenue from Contracts with Customers” and ASC 606 “Revenue from Contracts with Customers ” Both standards provide a framework for determining whether an entity is a principal or an agent
- Principal vs Agent? GAAP Revenue Recognition Criteria (ASC 606)
An entity is a principal if it controls the specified good or service before that good or service is transferred to a customer If an entity does not control the good or service before it is transferred to the customer, the entity is an agent in the transaction Definition and indicators of control Control is defined within step 5 of ASC 606
- Principal vs. Agent, Variable Consideration | Chapter 20: Revenue . . .
Explore how to determine whether an entity acts as a principal or agent under ASC 606, including real-world scenarios (e g , travel booking and consignment) and best practices for accounting for variable consideration
|
|
|