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IFRS 15 and ASC 606 Contract Accounting Model

Explore the pre and post IFRS 15 adoption project for contract billing in a cloud service accounting system, with detailed accounting entries and activities. Confidential model by Perry L. Unrau, CPA, CGA.

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IFRS 15 and ASC 606 Contract Accounting Model

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  1. Fusion Project Contract Billing Cloud Service Accounting Model Pre and Post IFRS 15 / ASC 606 Adoption Perry L. Unrau CPA, CGA Senior Principal Product Manager September 9, 2018

  2. Pre IFRS 15 Project Contract Accounting Model Accounting Entries Account Activity Period 1-Entry 1 (P1-E1) Dr. AR 1,000 Cr. DFR 1,000 Record invoice to customer Accounts Receivables (AR) Unbilled Receivables (UBR) P1-E1 1,000 P1-E2 2,500 P1-E3 1,000 P1 bal 1,000 P2-E5 1,000 P1 bal 1,500 P1-E3 1,000 Period 1-Entry 2 (P1-E2) Dr. UBR 2,500 Cr. REV 2,500 Recognize revenue P2 bal 0 P2 bal 2,500 P1-E3 1,000 P1-E1 1,000 Period 1-Entry 3 (P1-E3) Dr. DFR 1,000 Cr. UBR 1,000 Reclassify billing offsets P2-E5 1,000 P1 bal 0 P2-E4 1,000 Deferred Revenue (DFR) Revenue (REV) P2 bal 0 P1-E2 2,500 Period 2-Entry 4 (P2-E4) Dr. UBR 1,000 Cr. DFR 1,000 Reverse classification P1 bal 2,500 Period 2-Entry 5 (P2-E5) Dr. DFR 1,000 Cr. AR 1,000 Record credit to customer

  3. Post IFRS 15 Project Contract Accounting Model Confidential – Oracle Restricted

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