| Summary: | 碩士 === 國立臺灣大學 === 會計學研究所 === 107 === IFRS 15 is effective for annual reporting periods beginning on January 1, 2018 in Taiwan. To recognise revenue under IFRS 15, an entity applies the following five steps:
Identify the contract(s) with a customer.
Identify the performance obligations in the contract.
Determine the transaction price.
Allocate the transaction price to each performance obligation
Recognise revenue when a performance obligation is satisfied by transferring a promised good or service to a customer.
This study analyzes the application of current Taiwan Business Tax and the timing on the issuance of uniform invoices based on the examples of IFRS 15 issued by Taiwan Accounting Research and Development Foundation on May 3rd, 2018. Moreover, this study also helps readers grasp the understanding of IFRS 15 on financial accounting and the practice of issuing uniform invoices.
This article analyzes and summarizes the example of IFRS 15 and revenue recognition. In general, an entity would recognise receivables or contract liabilities before or after providing goods or services to a customer. Even though the number of receivables or contract liabilities may be subject to refund in the future, the entity still has collected the consideration or has a present right to payment. In this case, the entity has to issue a uniform invoice immediately except for those cases with the interpretative letter or directive of administration. For certain circumstances, the issuance of uniform invoice shall follow the interpretative letter or directive of administration published by the Ministry of Finance.
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