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Presentación del tema: "NIC 18 INGRESOS."— Transcripción de la presentación:


2 Date OBJETIVOS Tratamiento contable de los ingresos ordinarios que surgen de diferentes tipos de transacciones y otros eventos. Cuándo y cómo deberán de ser reconocidos los ingresos ordinarios en los estados financieros. Las circunstancias en que se cumplen los criterios de reconocimiento sobre la probabilidad que beneficios económicos futuros fluyan a la empresa y puedan ser medidos con fiabilidad.

3 Definiciones importantes
Date Definiciones importantes Ingreso Ordinario, es el ingreso bruto de beneficios económicos durante el período, que surgieron de las actividades ordinarias de la empresa. Este ingreso debe dar como resultado el aumento del patrimonio neto y no debe de relacionarse con aumentos de capital producto de aportes de socios/accionistas. Valor Razonable, es el importe por el cual puede ser intercambiado un activo o cancelado un pasivo.

4 Reconocimiento de ingresos de la venta de bienes
Date Reconocimiento de ingresos de la venta de bienes Cuando se cumplen todas y cada una de las siguientes condiciones: Se ha transferido al comprador los beneficios y riesgos significativos asociados a la propiedad del bien; No se conserva ninguna relación en la gestión o control sobre los bienes vendidos; El importe de los ingresos ordinarios pueden ser medidos confiablemente; Es probable que se reciba beneficios económicos asociados con la venta; y Los costos incurridos o por incurrir relacionados con la venta pueden ser medidos confiablemente. One of the key issues in accounting for revenue is to determine when revenue should be recognised. Having completed the P2P training, you know that revenue on the sale of goods should be recognised when all of the criteria listed on the slide have been met [IAS 18 para 14]. Instructor note Pause to allow participants chance to read this slide. With sale of goods two factors (third and fourth bullets on the slide) will generally follow automatically when the risks and rewards have passed to the customer. These factors are relatively easy in when dealing with sale of goods – they become more complex when we consider rendering of services, but are easier to understand in the context of sale of goods. When goods are being sold there is generally an agreed price. If you go into a shop, the prices are usually displayed and you don’t buy until you’ve agreed that price (or bargained over it). The agreed price is generally the amount of revenue to recognise. Discounts and other variations in price might need to be taken into account, but are generally known at the time the sale is agreed and the risks and rewards move to the customer. Once the sale is agreed, the economic benefits (for example cash, or credit card payment) change hands in a retail transaction. It becomes more complicated if the sale is a building or is a sale subject to a leasing agreement. Generally, again, once the sale of goods is agreed, economic benefits either flow immediately or are almost guaranteed, and so can be recognised as receivables. Costs with sale of goods are generally related to inventory and will have been calculated in accordance with IAS 2 ‘Inventories’. Measurement is usually straightforward in established businesses and existing products. It can be more difficult when a product is new or the business has only just started. Move on to the next slide, where the bottom 3 criteria are dimmed

5 Venta de bienes – riesgos y beneficios
Date Venta de bienes – riesgos y beneficios Transferencia de riesgos y beneficios significativos usualmente ocurre cuando el título legal o posesión es transferida al comprador. Esto puede, sin embargo, ocurrir antes o tal vez después de la entrega física del bien. Preguntas a responder: ¿Quién tiene el riesgo de precios? ¿Quién tiene el riesgo de obsolescencia? ¿Quién tiene el riesgo del seguro? ¿Quién tiene el riesgo de la operatividad del bien? ¿Quién tiene el riesgo de la devolución del inventario? ¿La venta puede ser cancelada? To illustrate, let’s consider some examples of when a vendor may retain the significant risks and rewards of ownership: The entity retains an obligation for unsatisfactory performance not covered by normal warranty provisions [performance risk]. The receipt of the revenue from a particular sale of goods is contingent on the buyer generating revenue from onward sale of those goods [performance risk, and there may be an inventory return risk as well]. The goods are despatched subject to installation and the installation is a significant part of the contract which has not yet been completed by the entity [insurance risk]. The buyer has the right to cancel the purchase for a reason specified in the sales contract and the entity is uncertain about probability of return [cancellation risk]. Note that the transfer of the risks and rewards of ownership often occurs at same time as the transfer of the legal title or the passing of possession to the buyer ie legal title must normally be transferred before revenue can be recognised. However, the transfer of legal title alone is not an adequate basis on which to recognise revenue and all the terms of any sale need to be analysed to understand when revenue can be recognised. Instructor note In case further explanation is needed of the risks, some guidance appears below. Only use this if participants need further help understanding the concepts. Otherwise, pass on to the next slide. Price risk This is the risk that the price at which the good can be sold changes (both upwards and downwards). Obsolescence risk This is the risk that the good sold becomes obsolete. It is particularly important for the sale of any technology product. Insurance risk This looks at who takes the risk of potential damage to the good. This is often a key indicator of when the risks and rewards of a good are transferred where physical delivery is necessary. For example, we mention above a situation where a significant part of the contract is installation and which has not yet been completed. Performance risk This considers who has the risk of the good not performing as required. For example, when a piece of machinery is sold, has the seller retained any risk of the machinery not performing? It should be noted though (as already mentioned) that normal warranty conditions do not prevent revenue recognition. Inventory return risk this considers who has the risk in the event that the goods are damaged, while still in the seller’s stock. Once the risk of holding the item in stock transfers from the reporting entity, there is a further indicator that revenue can be recognised. Can sale be cancelled? If the sale can be cancelled or not completed, it is necessary to understand when this might happen and whether the risks and rewards of the goods really have been transferred. Cancellation applies when a sale of goods has been agreed, but then the buyer changes his or her mind. Contrast this a right of return included in the sale contract, when the buyer has a contractual right to pull out of the sale.

6 Venta de bienes Situaciones a considerar:
Date Venta de bienes Situaciones a considerar: El vendedor garantiza la adecuada operatividad del producto excediendo las garantías normales (Situación 1). La instalación es compleja, con un significativo impacto en la habilidad del comprador para utilizar el producto tal como fue diseñado (Situación 2). Los bienes son entregados pero el vendedor retiene el título como una forma de protección del crédito concedido (Situación 3). Discussion of different scenarios The effect of the "risk and reward" and "continuing managerial involvement" criteria on revenue recognition can be best understood by looking at some common commercial situations. In a moment I am going to show you some examples of transactions. For each one I would like you to determine at which point revenue can be recognised. To make things easier, consider whether the seller has transferred risks and rewards and whether the seller has given up managerial involvement. Instructor note: For each of the slides that follow, read out each of the scenarios and then ask the participants the appropriate point at which revenue can be recognised. Encourage the participants to consider at what point risks and rewards and managerial control transfer. After the participants have given the answers, click the slide to show the correct answer. Briefly talk through the answer and any additional instructor notes. Consider using the risks and rewards factors on slide 8 to assist in the debrief. Be aware of time when going through these examples. Each example should only take two minutes to cover. NOTE - If the participants have a print out of the slides in their learning material ask them to close the binder or put it away as it will tell them the answer. You can also elect to run these questions as a competition (in conjunction with the other "quizzes" in this programme) where table groups get one point for each correct answer and the group with the most points at the end of the programme is the winner. However the questions can also be asked without a competition.

7 Venta de bienes – situación 1
Date Venta de bienes – situación 1 El vendedor garantiza la adecuada operatividad del producto excediendo las garantías normales ¿Cuándo los ingresos deben ser reconocidos? Cuando el vendedor no este más expuesto a riesgos significativos y ya no tiene más obligaciones de la operatividad. Aspectos a considerar Ask: When do you think revenue can be recognised? Ask the participants for their responses. Click once to show answer. For example a seller may deliver a unique piece of specially designed manufacturing equipment and guarantee its performance (ie guarantee a specific level of output and quality of the output for a specific period). The seller may not be able to recognise revenue up-front. On the other hand, if a seller delivers a routinely designed piece of manufacturing equipment and merely guarantees the parts of the machine for a normal warranty period, revenue may be recognised up-front. Instructor note: It is also worth noting that there may be instances when the warranty can be accounted for separately from the sale of the goods and we will deal with when this might be the case in the multiple element section of this training. ¿el vendedor transfirió los riesgos y beneficios? ¿el vendedor dejó de tener el control o gestión?

8 Venta de bienes – situación 2
Date Venta de bienes – situación 2 La instalación es compleja, con un significativo impacto en la habilidad del comprador para utilizar el producto tal como fue diseñado. ¿Cuándo los ingresos deben ser reconocidos? Sólo cuando se termine la instalación del producto Aspectos a considerar ¿el vendedor transfirió los riesgos y beneficios? Ask: When do you think revenue can be recognised? Ask participants for their responses. Click once to show answer. The determination of whether installation is simple is very judgmental and will depend on the commercial substance of the transaction. That is, how does the customer view the installation? Is it so simple that the customer would do this itself? Or is it clearly an integral and important part of the purchase of the agreement and essential to the equipment operating as intended? You generally would need detailed understanding of your client’s products and business in order to decide. Instructor note: Installation will be covered in a longer exercise, so if the participants have additional questions on this, ask them if you can leave the questions until later. It is also worth noting that there are some situations where the installation can be accounted for separately from the sale of the goods and we will deal with this in the multiple element section of this training. ¿el vendedor dejó de tener el control o gestión?

9 Venta de bienes – situación 3
Date Venta de bienes – situación 3 Los bienes son entregados pero el vendedor retiene el título como una forma de protección del crédito concedido. ¿Cuándo los ingresos deben ser reconocidos? Al momento de la transferencia del bien. El riesgo de crédito no es un riesgo significativo de la propiedad. Aspectos a considerar Ask: When do you think revenue can be recognised? Ask participants for their responses. Click once to show answer. Transfer of title is generally a requirement to recognise revenue since risk of loss will normally only transfer at that point. However in certain jurisdictions, it is customary to retain title as a way of securing payment (a vendor cannot get a lien for the sold goods or that lien has priority behind other creditors). In these circumstances retaining title would not be seen as retaining significant risk and rewards - credit risk is not a significant risk of ownership. However, this differs from situations where goods are delivered only when the buyer makes the final payment in a series of instalments and, hence, both legal title is retained and physical delivery to the customer has yet to take place. So, typically, in most cases with sale of goods, revenue can be measured reliably and either cash will be exchanged at once or the amount measured can be recognised as a receivable. It gets more complicated with rendering of services. Let’s have a look….. ¿el vendedor transfirió los riesgos y beneficios? ¿el vendedor dejó de tener el control o gestión?

10 Reconocimiento de ingresos en la prestación de servicios
Date Reconocimiento de ingresos en la prestación de servicios Si la prestación de servicios pueda ser estimada con fiabilidad, los ingresos ordinarios deberán ser reconocidos considerando el grado de terminación de la prestación. Asimismo este puede ser estimado con fiabilidad cuando se cumple “todas y cada una” de estas condiciones: Los ingresos ordinarios pueden medirse con fiabilidad La Compañía recibirá beneficios económicos derivados de la prestación del servicio. El grado de terminación del servicio pueda ser medido confiablemente. El reconocimiento de ingresos ordinarios por grado de terminación se denomina método de porcentaje de terminación. Los costos incurridos o por incurrir pueden ser medidos confiablemente. Before we look at criteria, let’s clarify exactly what we mean by a service. You should all be fairly familiar with this concept from the P2P training. Ask: What are the key features that make something a service? Answer: The rendering of services typically involves: the performance of an agreed task over an agreed period of time (either a single period or over more than one periods). Let’s look at the criteria. The conditions (revenue can be reliably measured and economic benefits are probable) are what we’ve just discussed in connection with sale of goods. We will therefore not cover those in any more detail. Instead we will focus on the last two criteria. These last two conditions are unique to revenue recognition from rendering of services (ie they do not apply to revenue recognition from the sale of goods). These items are included because revenue recognition on rendering of services is based on percentage of completion. Stage or percentage of completion Let's start by looking at measuring the stage of completion. This deals with the ability to estimate how far through the "rendering" of the service we are. This is an important point as the way we measure this stage of completion directly affects the amount of revenue recognised for the year. An entity shall use the method that measures reliably the services performed, so we need to understand which method creates that reliable measure. IAS 18 (paragraph 23) makes clear that the reporting entity is expected to have an effective reporting and budgeting system, so that this information is readily available. The key measurement issues are noted on the next slide.

11 Reconocimiento de ingresos en la prestación de servicios
Date Reconocimiento de ingresos en la prestación de servicios ¿Qué son beneficios económicos futuros? ¿En qué período se prestarán los servicios? ¿Hay una estimación fiable del resultado de la prestación del servicio? The main problems that arise in recognition of revenue from rendering services arise typically under the three matters listed on the slide. Measurement: It is not always easy to decide when a service has been delivered. Hence, it may not be clear how much revenue can be recognised, since it may not be known how much of the service has been performed. Long period: Where services are provided over a long period of time, the risk is recognising revenue too early. Outcome: It may not be clear as to whether the outcome has been achieved. It may therefore be necessary to look at the history of rendering of similar services to decide whether the outcome has been achieved and hence whether revenue can be recognised.

12 Prestación de servicios
Date Prestación de servicios ¿La estimación del resultado es confiable? Si No ¿Utilidad? ¿Los gastos son recuperables? No Si No Si Registrar el ingreso en función al grado de terminación Registrar la pérdida estimada en forma inmediata Registrar el ingreso hasta el nivel de recuperar los costos y gastos (no se reconoce ninguna utilidad) No se registra el ingreso (los costos incurridos son reconocidos como gastos) Before we move on to measurement of revenue, here is a summary of how to recognise the revenue arising from the rendering of services. Spend a few moments following this flowchart. Instructor note: Take participants through the flow diagram so they understand the thought process which supports revenue recognition. Suggestion would be: Consider whether the outcome can be reliably estimated. If so, then consider whether rendering the service will or has resulted in a profit. Where it has, revenue can be recognised according to the stage of completion. If, on the other hand, a loss is expected that loss should be recognised immediately (and to the full extent of the loss expected). If the outcome cannot be reliably estimated, the question becomes whether the expenses of rendering the service can be recovered. If they can, revenue can be recognised to the extent that expenses are recoverable (but no profit can be recognised). Where expenses are not recoverable, no revenue can be recognised and costs incurred are recognised as expenses).

13 Conceptos de la medición de los ingresos
Date Conceptos de la medición de los ingresos La medición de los ingresos ordinarios debe hacerse utilizando el Valor Razonable de la contrapartida, recibida o por recibir, derivada de los mismos.   El importe de los ingresos derivados de una transacción se determina, normalmente, por acuerdo entre la entidad y el vendedor o usuario del activo. Se medirán al valor razonable de la contrapartida, recibida o por recibir, teniendo en cuenta el importe de cualquier descuento, bonificación o rebaja comercial que la entidad puede otorgar. Here are two extracts from IAS 18 dealing with the basis of measurement. Read through the statements on the slide. [Give participants time to read] These are the general principles to be followed. In the case of sale of goods, the concept of fair value of consideration received is usually clear and is readily determined. In cases where it is not clear, the particular facts will need to be examined closely to ensure that measurement of the fair value is correctly calculated. However, when we come to rendering of services, it becomes more complicated. Sale of services - Percentage of completion method Revenue should be recognised for the sale of services as those services are provided. The same is true for construction contracts (more on this later). The discussion of the percentage of completion method in IAS 18 contains a reference to IAS 11 (IAS 18 para 21), but IAS 18 is the primary guidance for service transactions. IAS 18 para 24, gives guidance on to entities on assessing the stage of completion at the end of each reporting period to determine the revenue to be recorded in that period. The guidance provides a number of methods that may be used in determining the stage of completion including: (a) surveys of work performed; (b) services performed to date as a percentage of the total services to be performed; or (c) the proportion that costs incurred to date bear to the total costs to be incurred. When choosing a method, an entity should use the method that best reflects the services performed. Receipt of cash is not a factor in assessing the stage of completion in and of itself, even if the cash received is non-refundable (as is often the case with milestone payments). Input versus output measures As noted, the method selected is the one that best reflects the services performed. Whether an entity should use an input or an output measure depends on the nature of the service being performed, and each method requires judgment. An output measure approach would be appropriate, for instance when the contract involves processing of transactions over a period of time. An input measure approach would be appropriate when the contract involves completion of an agreed upon project, such as one that involves a mix of labour and other costs. If an input measure is used, only those costs that reflect services performed to date are included in the estimate of total costs incurred to date. Generally, an output measure approach will be most appropriate for service transactions.

14 Prestación de servicios (Ejemplo 1)
Date Prestación de servicios (Ejemplo 1) Servicio de protección contra incendio (empresa privada) que atiende cuando ocurren los incendios (Línea recta) No se sabe cuántos incendios habrá en el año – hay un número indeterminado de actos. Reconocer el ingreso en forma lineal a lo largo del tiempo An example could be a fire protection service (subcontracted to a private company) that respond to fires as and when they occur. Here, and in similar businesses, you don't know how many fires there will be each year: there is an indeterminate number of fire-fighting acts. In such cases, you would recognise the revenue on a straight line basis over the period. Specific significant act The second alternative method is "significant act". Under this method, when one specific act is much more significant than any other acts, the recognition of revenue is postponed until that one significant act is executed. Ask : Can anyone think of an example where there could be a significant act? Poll participants for answers then click on to the next slide.

15 Prestación de servicios – Ejemplo 2:
Date Prestación de servicios – Ejemplo 2: Agente literario (Acto significativo) Un agente es requerido por un escritor para encontrar una casa editorial. Una vez que el contrato entre el escritor y la casa editorial haya sido firmado, el agente es beneficiario de la mayor parte de su comisión (quizás el total. El agente deberá reconocer el ingreso una vez que este acto significativo haya sido logrado. An example here could be a literary agent: The agent is asked by the book author to find a publishing house. Once the contract between the author and the publishing house is signed, the agent is entitled to the majority of his commission. Therefore, the agent should recognise revenue, only once this significant act has been performed even though the majority of the agent's effort will have taken place before the contract is signed, for example, meeting publishers and negotiating terms. The most appropriate method to use will be determined by the commercial substance of the transaction. The method used should be the method that best represents the performance under the contract. An entity should be consistent in their revenue recognition policy and the methods used. When we are auditing a client, we need to consider the approach adopted by the client and understand why management feel the chosen method best reflects the services performed to date. Some judgement is involved in selecting the appropriate method and it is management's responsibility to choose the correct accounting policy. If there is doubt as to the method used, looking to practice in the relevant industry might help to decide the reasonableness of the approach. Instructor note The participants might ask how PwC should recognise revenue for audit services. Audit services are generally fixed price and services are performed over time. There is no single significant act in performing an audit - PwC will almost always complete an audit and hence will almost always be entitled to payment. In addition, PwC can generally make a reliable estimate of the costs to complete an audit. Prior to signing the audit opinion, there is little output that can be measured in the provision of audit services. As a result, it is generally appropriate to measure the stage of completion with reference to input measures. One input measure would be hours worked, but this would not reflect the different values attributed to the work performed by different grades of staff. As a result, revenue on audits is measured by reference to the costs incurred to date as a percentage of total costs on the audit.

16 Prestación de servicios - Ejemplo 3
Date Prestación de servicios - Ejemplo 3 Contratos de mantenimiento (Línea recta) ABC S.A. vende contratos de mantenimiento a los administradores de edificios de departamentos, cuando éstos sean requeridos. Asimismo, ellos están disponibles en caso de una emergencia. Se debe registrar bajo el “método de línea recta” porque los contratos de mantenimiento resultan en un numero indeterminado de actos que ABC debe realizar durante la vigencia del contrato de vigencia. Instructor Note Use these next four slides to illustrate some points about the different measurement methods available. Example 3 - Straight-line Even though Plumb Quick visits once a month, the true number of acts cannot be determined since they are on stand-by throughout the period. As such, straight line will be the best method to recognise this revenue. Note that even though there is an indeterminate number of acts, you can still estimate the cost (eg, cost of having engineers ready on stand-by etc).

17 Prestación de servicios - Ejemplo 4
Date Prestación de servicios - Ejemplo 4 Servicio de Call centre – resultado Computers Hotline proporciona servicios de call center a entidades quienes compran un determinado software. Computers Hotline es compensado mediante el número de llamadas de servicios que son atendidos durante el período. Medición del Output (resultado) debido a que Computers Hotline es pagado sobre la base del “número de llamadas” que son procesadas. Example 4 – Output Since the output in this example is measurable and the fee is linked to the delivery of the output, the best method in this case would be to recognise the fee as the output is delivered.

18 Prestación de servicios - Ejemplo
Date Prestación de servicios - Ejemplo Consultoría – ingreso (INPUT) Sigma suscribió un acuerdo con Acme Co. para llevar a cabo un estudio sobre le eficiencia del área de marketing de Acme. La retribución de Sigma es un honorario fijo que es pagados en varias cuotas mensuales. El honorario fue determinado basado en la estimación del número de horas incurridas en la revisión. Medición sobre el Input debido a que Sigma es pagado basado en el número de horas incurridas en su acuerdo de consultoría. Example 5 - Input In this case, it is not possible to measure the output in a reasonable manner. However, the input measure for hours incurred (or cost incurred - in this case those are close to the same) gives a reasonable measurement of how far we are in the "delivery" of the service.

19 Intereses, regalías y dividendos
Corresponden a ingresos ordinarios derivados del uso de activos de la Compañía por parte de terceros que generen intereses, regalías y dividendos siempre que: La Compañía reciba beneficios económicos asociados con los bienes o servicios. El importe de los ingresos ordinarios pueda ser medido de forma fiable. Deben de reconocerse de acuerdo a: Intereses, por el método de tipo de interés efectivo establecido en la NIC 39. Regalías, reconocidas utilizando la base de acumulación o devengo Dividendos, cuando se establezca el derecho a recibirlos por parte de los accionistas.

20 Reconocimiento de acuerdos de múltiples elementos
Date Reconocimiento de acuerdos de múltiples elementos En determinadas circunstancias, es necesario aplicar el criterio de reconocimiento, por separado, a los componentes identificables de una única transacción con el fin de reflejar la sustancia de la operación. Por ejemplo, cuando el precio de venta de un producto incluye una cantidad identificable a cambio de algún servicio futuro, tal importe se diferirá y se reconocerá como ingreso en el período en el que el servicio será ejecutado.” The basic principle to apply when looking at MEAs is given in IAS 18 para 13 which states that the revenue recognition criteria are normally applied to separate transactions. There are times when the commercial substance of a transaction cannot be understood unless we break a transaction into its separate components. An example is when an entity sells a washing machine, with an extended warranty to provide insurance against the machine failing after the manufacturer's warranty ends (usually after one year). Assume the warranty gives cover for each of years two to four. We have sold goods (a washing machine) and also agreed to provide insurance after sale for years two to four inclusive. The price of the goods would include an amount for the extended warranty and this element needs to be accounted for over the next four years. This will be done by recognising nothing in year one (which the manufacturer covers) then roughly one-third in each of years two, three and four – the precise amount will be determined by the detail of the facts in the contractual terms. Instructor’s note In most cases like this straight line recognition over years two to four will be the best estimate. However, there may be cases where the amounts are more significant and where there is a known increased likelihood of claims arising later on – that is the nearer to the end of the four years the more likely that a customer might be made. In such cases, weighting the recognition towards the end of the period might be a better estimate. As we can see on the slide, IAS 18 does not have much guidance when it comes to accounting for multiple element arrangements. Instructor note: Give participants chance to read the slide (IAS 18 para 13) If asked, explain that there is other guidance: in the appendix to IAS 18 where example 11 refers to a situation where a product is sold together with services; in IFRIC 13 (Customer loyalty programmes); and in IFRIC 18 (Transfers of assets from customers). Show next slide

21 Múltiples elementos – Un acuerdo
Date Múltiples elementos – Un acuerdo Factores que indican que las transacciones deben ser combinadas en un acuerdo incluyen (sustancia comercial) : Están en el mismo orden o en el mismo contrato? Negociados con el cliente como un sólo acuerdo. Las partes están tecnológicamente vinculados. Los términos de una transacción se refieren a otra transacción. If elements are included in the same contract, they generally are considered to be in the same arrangement. However, putting the elements into separate contracts does not change the conclusion. Factors to consider when trying to decide whether to combine one or more contracts into one arrangement are as follows: Read through the bullets on the slide. Note that this is not a list of strict criteria – it is just some of the most common factors to consider. The two most judgmental are: the time between the transaction; and whether the two (or more) orders have been negotiated as one package. The key is to view it from the customer's perspective. So, what does the customer think has been negotiated? Would the customer see it as one package? Parts that are technologically linked means, for example, that the product mentioned in one order does not work as the customer intends without another product from a separate order. Most customers would not buy a car without the engine, so if you put the chassis and the engine on different orders you would probably need to combine them for revenue recognition purposes. Instructor note: If the buyer is a car mechanic, however, the conclusion could be different. An example of terms in one transaction referring to another transaction is when the payment of product A would be due when product B is accepted. Again, these are only factors to consider. They are not part of the standard. The key matter is to look at the commercial substance. Ask Are there any questions on how to assess what the arrangement is? Move on to the next slide

22 Múltiples elementos – ¿Los elementos pueden ser separados?
Date Múltiples elementos – ¿Los elementos pueden ser separados? Factores que indican que dos o mas elementos no pueden ser separados incluyen (sustancia comercial) : Los elementos no tienen un valor específico o no pueden ser separados den una transacción única. El envío del elemento futuro no esta dentro del control del proveedor o no es probable. El valor razonable no puede ser establecido para cada elemento Otros elementos son insignificantes Let’s move on to the question of how to assess whether an arrangement can be split into separate elements. As noted, there is limited guidance on these issues. However, the arrangements could be considered from the customer’s perspective. So, when considering the customer perspective, we would look at the following: Stand alone value to the customer – does the delivered element have value to the customer or do further elements need to be delivered for the arrangement to have value? Is delivery of all components probable and substantially within the company’s control? If it is unlikely that one of the components would be delivered, then it is unlikely that the elements would be accounted for separately. Is there a reliable fair value of both the delivered and undelivered component? A reliable fair value would, for example, be a sale price if one component could be sold separately. Another method would be looking at cost plus margin for that element. If there is no reliable fair value, at least for the undelivered element, it is unlikely that we would be able to separate. Note that fair value should not be specific to the entity. The last factor (insignificant elements) is a little different and deals with situation where the additional element are so insignificant that they would not be treated separately. An example is if you decide to buy a specific brand car and you get a T-shirt in the post later. Here you would not consider the T shirt to be an element because it is so insignificant and you would end up recognising revenue as if the only element is the car. Ask Are there any questions on how to assess whether elements can be separated ? 3.2. QUIZ (15 mins) Instructor Note: Cards are used in this exercise. Make sure that there is one set of cards for each participant on the tables before running the exercise. The answers to the questions are the 3 categories of transactions we have defined above. Multiple element arrangements with non-separable elements Multiple element arrangements with separable elements Separate stand alone arrangements As the scenarios get shown on the slides the participants should hold up the card that they think describes the transaction. You can also elect to run this quiz as a competition (in conjunction with the other quizzes in this programme) where table groups get one point for each participant with the correct answer and the group with the most points at the end of the programme is the winner. However the quiz can also be held without a competition. Introduction and rationale Let’s now try to apply the commercial substance approach and the three categories to some real life examples. Task I will show you five descriptions of product offerings and you should determine which of the three categories each one is. Sharing You will have 1 minute to decide individually for each example and to vote by raising the corresponding card. At the end of each scenario, I'll ask some of you to explain why you have chosen that category. Instructor note: The next five slides relate to this quiz. The slides are animated. For each slide: Click only once to show the situation and ask participants "How would this be treated?" Read the question on the slide and ask participants to hold up the card that they think relates to this scenario. Ask participants to explain why they have selected that category. Then click on the slide again [NEXT] to reveal the answer. Conclude each situation by highlighting the key points from the example. As you can see from the exercise it is not always easy to determine what is a multiple element arrangement. As we saw in this exercise the key is to understand the commercial substance of the transaction. If you know your clients business you are in good shape to sort this out.

23 Múltiples elementos – Caso 1
Date Múltiples elementos – Caso 1 Toyota Pana Autos vende un carro a un cliente quien también adquiere el reciente programa de mantenimiento preventivo por 5 años. Es un acuerdo con múltiples elementos que contiene elementos separables In this case, there are two elements (the sale of the car and the maintenance programme). Both need to be priced separately, with the car price recognised immediately and the warranty then spread over five years. The amount for the maintenance will normally be spread evenly, with the same amount recognised in each year. This is a clear example of a case where straight line recognition would not be appropriate.

24 Múltiples elementos – caso 2
Date Múltiples elementos – caso 2 Toyota Pana Autos vende un carro a un cliente. El cliente declina comprar el programa de mantenimiento preventivo. Un año después la transmisión del carro se avería (el cual no estaba cubierto por la garantía) y el cliente solicita que el carro sea reparado. Elemento separado, acuerdos separados The full sales price of the car is taken to revenue immediately on completion of the sale. There is no other amount to recognise at that point. The break down of the car and its return to the dealer for repair a year later is a totally unrelated event that requires separate recognition in that next period. This scenario offers a guide as to how to value the car, in question 1. From this question, we know what the dealer would sell the car for, without the maintenance programme. So, the extra charge in the scenario in question 1 that is in excess of the price of the car would be a good guide to the value of the maintenance programme. This amount would then be spread across the five years of the maintenance programme.

25 Otros temas importante – Evaluar quién es el Principal
Date Otros temas importante – Evaluar quién es el Principal Un Principal tradicionalmente: tiene la responsabilidad principal de proveer bienes y servicios. tiene el riesgo del inventario (incluyendo durante el transporte). tiene la discrecionalidad de establecer los precios – directamente o proporcionado bienes y servicios adicionales. tiene el riesgo del crédito. Indicators that an entity should account for a transaction as a principal are listed on the slide Instructor note. Talk briefly through the bullets on the slide. The indicators are considered in full below: The entity has the primary responsibility for providing goods or services to the customer or for fulfilling the order, for example by being responsible for the acceptability of the products or services ordered or purchased by the customer. The entity has inventory risk - that is exposure to the risks of damage, slow movement and obsolescence and changes in suppliers’ prices. The entity has latitude, within economic constraints, to set the selling price with the customer. Conversely, where the amount that the entity earns is fixed in advance and is either a fixed fee per transaction or a stated percentage of the amount invoiced, this would normally indicate that the entity is acting as an agent. Alternatively, an entity might establish the price through performing additional services or modifying the goods supplied. The entity has or assumes the credit risk associated with the transaction. Another factor that might indicate that an entity is acting as principal is that the entity has discretion in selecting suppliers. Note also that some factors may not apply, depending on the facts. For example, prices might be regulated (by government or a government agency) or credit risk is likely to be minimal if the customer is a government. Under IFRS there is no hierarchy for the indicators and they all need to be considered together to understand the arrangement's substance. Note, though, that there are proposals to include additional guidance in IAS 18 on agent v principal in the IASB’s 2009 Annual Improvements project. One of the indicators that management should consider in determining whether an entity is acting as a principal or an agent is which entity retains the credit risk associated with the product. Frequently, this factor is presumed to carry a significant amount of weight as it relates to payment. However, credit risk is no more significant than the other indicators. Where an entity is acting as an agent but retains the credit risk associated with the transaction, consideration needs to be given as to whether this represents a financial guarantee.

26 Otros temas importantes – Quién es el Agente
Date Otros temas importantes – Quién es el Agente Un agente: No tiene la responsabilidad principal por los costos directos Tiene poca o ninguna discrecionalidad en establecer los precios. Es poco probable que tenga un riesgo significativo sobre los inventarios. Sólo puede reconocer una comisión la que es obtenida sobre una transacción específica.

27 Ejemplos de aspectos particulares
El Apéndice no forma parte de la NIC 18 sin embargo brindan ejemplos de aspectos particulares. Asimismo estos deben de ser entendidos en el contexto de las leyes en los países donde pueda tener lugar la transacción. Venta facturada y no entregada; la entrega se pospone a voluntad del comprador que sin embargo acepta la titularidad del bien y la facturación. Probable que se efectué la entrega y el bien está disponible. Comprador reconozca las condiciones de entrega diferida y se aplique las condiciones usuales de pago.

28 Ejemplos de aspectos particulares
Venta de bienes sujetos a condición; se reconocen los ingresos ordinarios cuando el bien se ha instalado e inspeccionado y el comprador acepta la entrega. Ventas en consignación, se reconoce cuando los productos son vendidos a un tercero. Ventas en custodia; se entrega el bien cuando el comprador paga el total del bien. Contratos de venta y recompra posterior, el ingreso se reconoce cuando los riesgos y beneficios han sido transferidos. Ventas a distribuidores, concesionarios u otros para reventa.

29 Ejemplos de aspectos particulares
Suscripciones a publicaciones, el ingreso se reconoce en el periodo que cubre la suscripción. Ventas a plazo, donde la contraprestación se recibe fraccionada en varios pagos. Venta de bienes inmuebles, cuando la titularidad legal pasa al comprador. Honorarios por instalaciones, se reconocen como ingresos ordinarios de acuerdo al avance de terminación de la instalación. Comisiones de publicidad, el ingreso ordinario se reconoce cuando la publicidad es trasmitida al público. Agentes de seguro, honorarios de admisión, honorarios de enseñanza.

30 Date REVELACIONES Las políticas contables adoptadas para el reconocimiento de los ingresos ordinarios, incluyendo los métodos para determinar el porcentaje de terminación de las operaciones de prestación de servicios. El monto de cada tipo de ingreso ordinario reconocidos en el periodo, tales como venta de bienes, prestación de servicios, intereses, regalías y dividendos. Monto de los ingresos ordinarios generados por intercambio de bienes y servicios. This slide summarises the key disclosures – they should be familiar to you since they were covered in the P2P training. Note that reporting entities should avoid standard wording (often called ‘boiler plate’) and should always seek to ensure accounting policies tie in to the main revenue streams disclosed in the notes.

31 CASO 1: Probabilidad que los beneficios económicos fluyan a la Compañía.
La empresa “A” tiene como cliente a la empresa “B”, quien recientemente había anunciado que espera reestructurar sus deudas con todos sus acreedores (entre este grupo se encuentra la empresa “A”) a fin de garantizar la suficiente liquidez para sus operaciones y evitar la quiebra. Tras el anuncio, la empresa “A” ha iniciado el proceso de despacho marítimo de una orden de compra recibida días antes del anuncio de reestructuración.

32 CASO 2: Bienes asegurados durante la entrega.
La empresa “A” produce y vende transformadores. Los transformadores son embarcados por vía marítima, sin embargo, la empresa ha adquirido un seguro por el total de los bienes mientras estos se encuentren en tránsito desde la fábrica de la empresa “A” hasta las oficinas del cliente. La características del seguro indican que todos los bienes están cubiertos por el total de su valor, en caso de perdida o destrucción desde el momento en que son embarcados hasta que llegue a las oficinas del cliente. Asimismo, el título legal de los bienes pasarán al comprador un mes después de haber sido entregados en sus oficinas.

33 CASO 3: Acuerdos financieros
La gerencia de la Compañía X está considerando dos opciones de venta de su mercadería: Venta de mercadería a una institución financiera por US$500,000, con una obligación de recompra a largo tiempo. Venta de mercadería a una institución financiera por US$500,000, con una obligación de recompra dentro de los primeros 12 meses a partir de la fecha de venta. El precio de recompra en ambos casos es de US$500,000 más los gastos financieros relacionados con la operación. Asimismo, la institución financiera está obligada a entregar mercadería con las mismas características de calidad y cantidad que le fue vendida. El valor de mercado del inventario vendido al banco es de US$1,000,000. ¿Cómo se debe de registrar estas operaciones?

34 CASO 4: Acuerdos de distribución.
La Compañía ABC distribuye diversos tipos de productos de la Compañía XYZ de acuerdo a un contrato, los términos del contrato son tales que la Compañía ABC: Obtiene la posesión de los bienes y puede venderlos a otros distribuidores de menor tamaño. Puede almacenarlos, reempacarlos, transportarlos y facturarlos a terceros. Obtiene un margen de utilidad en cada producto vendido pero no tiene la flexibilidad de establecer los precios de venta. Puede devolver parte de los productos a la Compañía XYZ sin penalidades relacionadas. Es responsable por los bienes debido a que los tiene en sus almacenes, pero la Compañía XYZ tiene los riesgos y obligaciones por los productos obsoletos. Adicionalmente la Compañía XYZ retiene los pasivos de los productos y es responsable por los defectos de fábrica. ¿Cuándo la Compañía XYZ debe de reconocer los ingresos ordinarios por la transferencia de los bienes a la Compañía ABC?

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