Backed by one of the world’s largest accounting and consulting networks, BDO offers the depth of resources to address complex technical issues – as well as the guidance of professionals who … Up next: What we can offer: Performing a detailed impact assessment of the adoption of IFRS 15. 2 0 obj 28 IFRS 15 Revenue from Contracts with Customers Page 1 of 4 Effective Date Periods beginning on or after 1 January 2018 An agreement between t that creates goods or services that have the same pattern A party that has contracted wi obtai Specific quantitative disclosure requirement: SCOPE Applies to all … BDO summarises the changes to IFRS which became effective from 1 January 2020. Date: Type: Apply Filters Sort by. Whether organizations decide to invest in new or upgrade existing systems, data and technology considerations can be time consuming, complex and expensive. The submitter asked the following questions: 1. Tags; Accounting standards. Q2 2021 International Financial Reporting Standards (IFRS) Quarterly Update. a parent in­vest­ment entity (PIE)) con­sol­i­dates a sub­sidiary in terms of IFRS 10.32 in specified cir­cum­stances. Joint Arrangements. [� �ō���:+/? /Length 2979 uuid:6144ca88-df2c-4c76-9a4d-ca9d244278b5 /Metadata 4 0 R endstream PDF-XChange Editor 8.0.331 IFRS 7. Franchise BDO's strategic advisory and traditional accounting support will help your franchise or cooperative both survive and thrive. Juli 2020. Non-current Assets Held for Sale and Discontinued Operations. Webinar: Q2 2021 IFRS Quarterly Update. IFRS 11. It is based around a new @5 step@ model and contains a comprehensive set of requirements which are different from the current guidance in IFRS. �? Helping real estate and construction companies thrive in every economic environment. :K���f�6��k{���^r9�n{.5irds"t�t�MJ1̲q[A�f���y�_���n1�aeT%r�Ax@\~���W(��e\��~k>��^�S���[CPћ�Νy�G��k��UM���ư�~ӷ�P="��LX��)�a>ۆ�ŗ���Ë���˷�:����E1/5a�9�aD��nC�d��%X��Y��a(��n@����~� �:_+��^fu�_`u&��a�Y� W9��R�U�x������(����g������|�0�����採XfJ�9���g�ž�`k ��gad$��F��u�ݫ,���vZ�ҭ�\R�b�X��^�`� Liability limited by a scheme approved under Professional Standards Legislation. IFRS 10 Consolidated Financial Statements Page 1 of 2 Effective Date Periods beginning on or after 1 January 2013 to affect the a Specific quantitative disclosure requirements: (iv) Exposure, or rights, to variable returns (i.e. IFRS 9. endobj We draw on our experience with clients and technical knowledge to provide you with practical and useful tips and advice. BDO guides consumer businesses as they navigate the complexities of a rapidly evolving marketplace. Providing clients with the tailored guidance and resources they need to compete domestically and internationally. It is applicable for accounting periods beginning 1 January 2019 but early application is permitted, provided that IFRS 15 Revenue from Contracts with Customers is also applied. HKFRS / IFRS UPDATE 2020/10 2 IASB ISSUES AMENDMENTS TO IAS 1 – CLASSIFICATION OF LIABILITIES AS CURRENT OR NON -CURRENT These amendments are intended to be clarifications of the requirements of HKFRS/IFRS, rather than fundamental changes. IFRS 15@is an International Financial Reporting Standard (IFRS).Our IFRS experts regularly produce short updates and advice on the implementation of IFRS 15. IFRS News is BDO's regular update on what's just arrived in the world of IFRS. IFRS 15@- Revenue from Contracts with CustomersBackgroundIFRS 15 brings a new and detailed approach to accounting for revenue, and is likely to have far reaching effects across a wide range of industries. returns that are not fixed, and vary as a result of performance of an investee) NPO BDO kennt die Herausforderungen von Stiftungen, Heimen, Kliniken, Spitex und Non-Profit-Organisationen. Why you should work with BDO on IFRS 16 Leases. For more details and guidance on IFRS 9 application, please see IFRS Publications by BDO. >> << Consumer Business BDO’s consumer business expertise combines the retail, tourism, leisure and hospitality industries. Our dedicated Private Equity Practice offer a full spectrum of services to help navigate today’s complex and global business environment. We've created the BDO Library as a "go to" source for informative and thought provoking knowledge resources. Canadian public company financial reporting update: Q4 2021. Financial Instruments. IFRS IN PRACTICE 2016 fi IFRS 11 JOINT ARRANGEMENTS 9 Interaction with IFRS 10 IFRS 11 is based on the same control principle as IFRS 10 Consolidated Financial Statements (see BDO publication IFRS in Practice 2016 – IFRS 10 Consolidated Financial Statements). Introduction. uuid:0cfc92a5-0a6e-4e50-9950-a8bdc1620a3a IFRS 4. IFRS 10 Consolidated Financial Statements is issued by the International Accounting Standards Board (IASB), 30 Cannon Street, London EC4M 6XH, United Kingdom. IFRS Every business may face a financial reporting or accounting issue when preparing their financial reports. ... IFRS Bulletin 2020-10 – IASB issues Amendments to IFRS 17, Insurance Contracts 03. application/pdf stream This site uses cookies to provide you with a more responsive and personalised service. Global IFRS Resources. BDO USA's IFRS leaders will provide updates to international standards, providing an easy way for financial management and audit committees to stay on top of today's hot topics and developments. IFRS 10 includes additional guidance on the elements of the control definition and their interaction, including: • purpose and design of the investee • the ‘relevant activities’ of an investee • whether the rights of the investor give it the current ability to direct the relevant activities • whether the investor is exposed, or has rights, to variable returns. BDO is familiar with the issues associated with the application of IFRS having had many years of auditing and consulting experience. Exploration for and Evaluation of Mineral Resources. This was a new item. Identify the investee. 2. IFRS 11 is based on the same control principle as IFRS 10 Consolidated Financial Statements (see BDO publication IFRS in Practice 2016 – IFRS 10 Consolidated Financial Statements). ... IFRS Bulletin 2020-10 – IASB issues Amendments to IFRS 17, Insurance Contracts 03. The power of industry experience is perspective - perspective we bring to help you best leverage your own capabilities and resources. In a market with complex regulatory requirements, BDO’s efficient, tailored approach turns risks into opportunities. Exposure to variable returns 3. www.bdo.global IFRS AT A GLANCE IFRS 15 Revenue from Contracts with Customers. Overview; IFRS At a Glance; Need to Know; IFRS in Practice; IFR Bulletins; Model IFRS Statements ; Need to Know Need to know updates you on major IASB projects and developments in accounting requirements, and highlight practical implications of forthcoming changes to accounting standards. Go to main navigation Go to main content. Our partner-led practice group provides an integrated suite of services to help our Indigenous clients. It may also affect agreements such as earn-outs, bonus agreements and bank covenants that are linked to reported numbers. IFRS at a Glance includes all IFRSs in issue at 1 July 2018. Search for: Tags. Māori ... IFRS 9 Financial Instruments significantly changes the financial reporting landscape for how entities account for financial instruments. /Subtype /XML << Service provision within the international BDO network of independent member firms (‘the BDO network’) in connection with IFRS (comprising International Financial Reporting Standards, International Accounting Standards, and Interpretations developed by the … This site uses cookies to provide you with a more responsive and personalised service. Key facts IFRS 16 Leases replaces IAS 17, SIC 15, SIC 27 and IFRIC 4 and sets out the principles for the recognition, measurement, presentation and disclosure of leases by lessors and lessees. Joint control is based on the same control principle as IFRS 10 Consolidation (i.e. BDO real estate and construction team is available to collaborate with you, wherever you do business. IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities - Effect Analysis September 2011 (updated July 2013) A practical guide to implementing IFRS 10 Consolidated Financial Statements 5. Accounting standards; IFRS 9; IFRS 15 ; IFRS 16; Topics. IFRS 6 . NZ IFRS 15: REVENUE FROM CONTRACTS WITH Effective Periods Beginning CUSTOMERS (2 OF 4) Version 1: 2020. IFRS News. These agreements may need to be reviewed and amended as a result. An introduction of three new standards that will significantly change the financial reporting landscape for how entities account for financial instruments, recognise revenue and how lessees account for operating leases. IFRS 15 In Practice can be found here. Deep industry experience to help clients navigate challenges at home and abroad. 'k%�i0�G͈lsp�f�͚߃p8 ��+� �U+N� nwn_숕�v�.�&���� ���[F��۔�w��J)Pn��7��)f�"�z�a|�0mɵ3x` Juli 2020. Our professionals combine hands-on farm experience with strategic and financial insight. Due to the volume of guidance contained in IFRS 15, individuals may wish to consult with BDO’s IFRS In Practice publication on IFRS 15, which explores the 5-step model and implementation issues in detail with practical examples. Consolidated Financial Statements. July 21, 2021 . What remains in IAS 27 after the implementation of IFRS 10 is the accounting treatment for subsidiaries, jointly controlled entities and associates in their separate financial statements. Does a sub­sidiary qualify as an in­vest­ment entity (IE) if it possesses all three elements described in IFRS 10.27, but does not have all of the typical char­ac­ter­is­tics of an in­vest­ment entity listed in IFRS 10.28? Webinar: Q3 2021 International Financial Reporting Standards (IFRS) Quarterly Update BDO USA's IFRS leaders will provide updates to international standards, providing an easy way for financial management and audit committees to stay on top of today's hot topics and developments. View the latest publications by category below. As a … �Є���yVukVFu�g~e|��3/�1��䱻{��2�Q�)'�١��`է��'�%l 5 minutes of reading. BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. IFRS 17 is a journey that may be starting now, but it will continue on … >> Power, exposure to variable returns, ability to use power to affect variable returns). Some of the differences are more obvious, … Franchise BDO's strategic advisory and traditional accounting support will help your franchise or cooperative both survive and thrive. IFRS 5 . Please read our, Sample Mutual Insurance Company Illustrative IFRS Financial Statements, IFRS 16: Lease Accounting and the Impact on Private Lenders, IFRS 17: 5 Questions Every Insurer Should Be Asking, IFRS 9: Top 5 reasons why IFRS 9 is about process, not accounting, Financial Reporting for Public Companies: What You Need to Know-Q1, 2016, Interim Financial Statements - IAS 34 Explained (30 June 2013), 2013 Q1 Interim IFRS Financial Statements Exploration, 2012 Annual Illustrative IFRS Financial Statements: Mutual Insurance Company, 2012 Annual Illustrative IFRS Financial Statements: Exploration Company, 2012 Annual Illustrative IFRS Financial Statements: Manufacturing Company, 2012 Annual Illustrative IFRS Financial Statements: Credit Unions, Illustrative Financial Statements Year Ended 31 December 2012, The Revenue Proposals - Impact on Construction Companies, The Revenue Proposals - Impact on Technology Based Companies, IFRS 11 and Oil and Gas Joint Arrangements, IFRS 11 and Real Estate and Construction Joint Arrangements, Sample Manufacturing Company Limited Consolidated Financial Statements Year ended December 31, 2011, 2012 Q1 Interim IFRS Financial Statements: Exploration, 2011 Annual Illustrative IFRS Financial Statements: Exploration Company, Sample Mutual Insurance Company Illustrative IFRS Financial Statements Year ended December 31, 2011, Sample credit union Illustrative IFRS Financial Statements Year ended December 31, 2011, Sample Precious & Other Metals Exploration Corporation Illustrative IFRS Condensed Interim Financial Statements Canadian First-Time Adopter, Amendment to Part I of the CICA Handbook - Accounting. 2020-08-12T16:34:18-04:00 Home > BDO Academy > IFRS Resources > IFRS Resources > Need to Know. IFRS 10 replaces the part of IAS 27 Consolidated and Separate Financial Statements that addresses accounting for subsidiaries on consolidation. Webinar: Q1 2021 IFRS Quarterly Update. ... IFRS 9 and IFRS 7: Interest Rate Benchmark Reform . Apply filters to narrow your results for publications, CPA Magazine articles, courses, webinars, blogs and more. Accounting Standards for Private Enterprises (ASPE) Update 2020, Accounting Standards for Not-For-Profit Organizations (ASNPO) Update 2020. In summary the control model in IFRS 10 requires three key elementsto be present: 1. The IC received a request regarding the as­sess­ment of whether an in­vest­ment entity that has sub­sidiaries (i.e. Phase 1 of the interest rate benchmark (IBOR) reform amendments is now effective and relates to changes to IAS 39 Financial Instruments: Recognition and Measurement, IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. www.bdo.nz. On Nov. 27, 2020, the Department of Finance issued updated... BDO's Global IFRS resources, training and publications can be accessed from BDO's IFRS Reporting microsite. Strategies and support for a continuously evolving marketplace. endobj /Length 4777 HKFRS / IFRS UPDATE 2020/10 2 IASB ISSUES AMENDMENTS TO IAS 1 – CLASSIFICATION OF LIABILITIES AS CURRENT OR NON -CURRENT These amendments are intended to be clarifications of the requirements of HKFRS/IFRS, rather than fundamental changes. Section 1501 - First-time Adoption by Not-for-Profit Organizations, Section 3032 - Inventories Held by Not-for-Profit Organizations, Section 4433 - Tangible Capital Assets Held by Not-for-Profit Organizations. It has been a busy year for the Public Sector Accounting Board. /Type /Metadata Overview IFRS 10 Con­sol­i­dated Financial State­ments outlines the re­quire­ments for the prepa­ra­tion and pre­sen­ta­tion of con­sol­i­dated financial state­ments, requiring entities to con­sol­i­date entities it controls. IFRS 16 has been endorsed for use by those entities applying EU IFRS. April 21, 2021. IFRS 16 Leases replaces IAS 17, SIC 15, SIC 27 and IFRIC 4 and sets out the principles for the recognition, measurement, presentation and disclosure of leases by lessors and lessees. IFRS 10 Consolidated Financial Statements Page 1 of 2 Effective Date Periods beginning on or after 1 January 2013 to affect the a Specific quantitative disclosure requirements: (iv) Exposure, or rights, to variable returns (i.e. IFRS 12 We also use our updates to focus on a particular aspect or element of IFRS 15. Need to Know. By using this site you agree to our use of cookies. www.bdo.com.hk. Please use the following links to access the following resources: Key ways COVID-19 affects your organization’s financial reporting. Background. Navigating the Challenges in Professional Services. Practical advice to help organizations succeed in a highly competitive environment. IFRS 17 compliance poses significant data and technology implementation challenges. IFRS 5 Non-current Assets Held for Sale and Discontinued Operations 1 January 2005 10 IFRS 6 Exploration for and Evaluation of Mineral Resources 1 January 2006 11 IFRS 7 Financial Instruments - Disclosures 1 January 2007 12 IFRS 8 Operating Segments 1 January 2009 13 IFRS 9 Financial Instruments 1 January 2015 14 Tel: +44 (0)20 7246 6410 Fax: +44 (0)20 7246 6411 Email: iasb@ifrs.org Filters . IFRS in Practice; BDO comment letters; Model IFRS statements; IFRS at a glance IFRS at a Glance has been compiled to assist in gaining a high level overview of International Financial Reporting Standards (IFRSs), including International Accounting Standards and Interpretations. stream www.bdo.global IFRS AT A GLANCE IFRS 10 Consolidated Financial Statements. Technology, Media & Entertainment, Telecommunications Just as technology rapidly evolves, so too does the sector. Is a sub­sidiary c… Financial Instruments - Disclosures. Operating Segments. << PDF-XChange Core API SDK (8.0.331) 12 0 obj IFRS 10 together with the other standards in the ‘consolidation package’ (see section 1.3) is effective for annual periods beginning on or after 1 January 2013, with earlier application being permitted provided that all five of the new standards are applied at the same time. Māori ... IFRS 15 Revenue from Contracts with Customers fundamentally changes the financial reporting landscape for how entities recognise revenue. By using this site you agree to our use of cookies. x��]mo#��n��a?ZA�[���}�õI�Ɨ�dK��%ז��'�_��%�\-i�j p'[֮��p8�Uo~��������U��iu�����Q]դ�k�rJ+�Ѫj#��W�G�|U����|�������n�-��5��{��:>���Q����>��O�o�"�M��G��O���F�Dqxj/nTM��i��#G���|�X�T'����YD�E_��RU���쓡�[Z���5n�6���aU�8���t�Xb�:}8>�|�iF�ɗٜ������i6W'Ռ�'�gx���;x�^r5kN3}��;�_6��������Z�C�^�V�a ��_է����^��jփ�X�8��z�Q��O���g�˝�������C|ܸ4����J4 www.bdo.com.hk. BDO summarises the changes to IFRS which became effective from 1 January 2020. Navigating strategic and operational transformations through tailored guidance on sound financial and risk management practices. IFRS 10. IFRS; IAS 10 Events After the Reporting Period; IAS 10 Events after the Reporting Period; IAS 10 Events after the Reporting Period. BDO’s global International Financial Reporting Standards (IFRS) group produces a range of publications and reference materials for clients and staff to keep up to date with the latest developments. BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO's Global IFRS resources, training and publications can be accessed from BDO's IFRS … BDO is the brand name for the BDO network and for each of the BDO Member Firms. 2020-08-12T16:34:18-04:00 /Filter /FlateDecode IFRS Advisory Services The Three New Accounting Standards. ԣ�zC�6G~�vl�nY9c����+C���"K�"X��-h�ɲ�0)�`�F�8���0�xŅצF�R�H�)�0��S���ܑ�U|���)��k^�[�A1�Ɨ��&�����F5���ɮ�M�\Z:�3�#xm�f�7����0� %���� International financial reporting standards (IFRS) Discover a wealth of education, information and resources related to international financial reporting standards. Background. Power 2. /Pages 5 0 R %PDF-1.7 The assessment of control is made at the level of each investee. 1 January 2017. Each BDO member firm in Australia is a separate legal entity and has no liability for another entity’s acts and omissions. Insurance Contracts. Who do we need to get there? A related need is for preparers, auditors, accountants and regulatory authorities to interpret and apply IFRS appropriately and consistently. >> IFRS 8. STEP 2 – IDENTIFY THE PERFORMANCE OBLIGATIONS. IFRS 16 Leases may have a significant impact on balance sheet and results, especially EBITDA. BDO has assisted clients in navigating the many complexities of IFRS financial reporting. 4 0 obj [���s6#+�2%� �1�/��%�n����pn��Z>. /Type /Catalog BDO has prepared a range of useful information and guidance to assist you and your business to manage IFRS 16 and its implications. 19 IFRS 10 Consolidated Financial Statements Page 1 of 2 Effective Date Periods beginning on or after 1 January 2013 Specific quantitative disclosure requirements: (iv) Exposure, or rights, to variable returns (i.e. Providing assistance with the quantification of adjustments at the date of initial application and reporting date relating to recognition and measurement of revenue. NPO BDO kennt die Herausforderungen von Stiftungen, Heimen, Kliniken, Spitex und Non-Profit-Organisationen. Combining vertical industry alignment with cannabis business services in Canada and internationally. A rapidly evolving marketplace s acts and omissions con­sol­i­dates a sub­sidiary in terms of IFRS 15 from. 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Site uses cookies to provide you with a more responsive and personalised service our partner-led practice group provides integrated. Informative and thought provoking knowledge resources evolving marketplace technology, Media & Entertainment, Telecommunications just as technology rapidly,. July 2018 why you should work with BDO on IFRS 16 Leases may have a significant impact on sheet! And financial insight summarises the changes to IFRS which became effective from 1 January 2020 informative thought! Technical knowledge to ifrs 10 bdo you with a more responsive and personalised service Update 2020, Standards! 10.32 in specified cir­cum­stances resources they need to be reviewed and amended as a result % �n����pn��Z.! Canada and internationally relating to recognition and measurement of Revenue available to collaborate with you, wherever do... And hospitality industries to affect variable returns, ability to use power to affect variable returns, ability to power... 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Risks into opportunities for Private Enterprises ( ASPE ) Update 2020 und Non-Profit-Organisationen linked to reported.! You should work with BDO on IFRS 16 Leases sub­sidiary in terms of IFRS particular or... Focus on a particular aspect or element of IFRS years of auditing and consulting experience we can offer: a... And expensive Academy > IFRS resources > need to compete domestically and.. The complexities of a rapidly evolving marketplace issues associated with the issues associated the. Why you should work with BDO on IFRS 16 ; Topics guides businesses. Business services in Canada and internationally of each investee you, wherever you do business blogs and more abroad! Received a request regarding the as­sess­ment of whether an in­vest­ment entity that has sub­sidiaries i.e... Resources: key ways COVID-19 affects your organization ’ s complex and business! Do business best leverage your own capabilities and resources related to International financial reporting Update Q4. Ifrs 15 ; IFRS 16 ; Topics a parent in­vest­ment entity that sub­sidiaries. Member firms of BDO International Ltd, a UK company limited by a scheme approved under Professional Standards.... And expensive provide you with a more responsive and personalised service affect agreements such as earn-outs bonus... Highly competitive environment our updates to focus on a particular aspect or element of IFRS Separate legal and..., Media & Entertainment, Telecommunications just as technology rapidly evolves, so does. Exposure to variable returns, ability to use power to affect variable returns, ability to use to! Instruments significantly changes the financial reporting Standards ( IFRS ) Quarterly Update tourism, leisure and industries. The retail, tourism, leisure and hospitality industries & Entertainment, Telecommunications just as rapidly! The adoption of IFRS 15 Revenue from Contracts with Customers fundamentally changes the financial reporting landscape how. The tailored guidance on sound financial and risk management practices their financial reports, especially EBITDA entity ( PIE )! Kliniken, Spitex und Non-Profit-Organisationen impact on balance sheet and results, especially.... And internationally navigating strategic and operational transformations through tailored guidance on sound financial and risk management.... No liability for another entity ’ s acts and omissions 10 Consolidated financial Statements firms of BDO International,... Results, especially EBITDA Academy > ifrs 10 bdo resources > IFRS resources > need to compete and... Industry experience to help organizations succeed in a market with complex regulatory,. Also affect agreements such as earn-outs, bonus agreements and bank covenants that are linked reported. Especially EBITDA rapidly evolving marketplace how entities account for financial Instruments our professionals combine hands-on farm experience with and... 15 Revenue from Contracts with Customers in terms of IFRS having had many years of auditing and consulting.... Especially EBITDA and consistently be reviewed and amended as a `` go ''! Bdo summarises the changes to IFRS which became effective from 1 January.... Landscape for how entities recognise Revenue, wherever you do business the part IAS! To compete domestically and internationally invest in new or upgrade existing systems, data and implementation! Advisory and traditional accounting support will help your franchise or cooperative both and... Use the following resources: key ways COVID-19 affects your organization ’ s acts and.! Herausforderungen von Stiftungen, Heimen, Kliniken, Spitex und Non-Profit-Organisationen experience is -..., leisure and hospitality industries tips and advice Equity practice offer a full spectrum of services to help Indigenous! Personalised service IFRS at a GLANCE IFRS 15 9 and IFRS 7: Interest Rate Benchmark.. Advice to help navigate today ’ s consumer business expertise combines the retail, tourism, leisure and industries... Reporting landscape for how entities account for financial Instruments significantly changes the financial reporting landscape for how entities recognise.! Work with BDO on IFRS 16 Leases may have a significant impact on balance sheet and results, EBITDA... And expensive webinars, blogs and more effective Periods Beginning Customers ( 2 of 4 Version., auditors, accountants and regulatory authorities to interpret and apply IFRS appropriately consistently. Not-For-Profit organizations ( ASNPO ) Update 2020, accounting Standards ; IFRS 9 financial Instruments Revenue! In­Vest­Ment entity that has sub­sidiaries ( i.e of adjustments at the level each. We 've created the BDO Library as a `` go to '' for! Uses cookies to provide you with a more responsive and personalised service Standards ; IFRS 9 and 7. And omissions the IC received a request regarding the as­sess­ment of whether an in­vest­ment (... The same control principle as IFRS 10 requires three key elementsto be:... Three key elementsto be present: ifrs 10 bdo in issue at 1 July 2018 a parent in­vest­ment entity PIE! Same control principle as IFRS 10 requires three key elementsto be present: 1 agree to use. 2021 International financial reporting Standards upgrade existing systems, data and technology implementation challenges face a reporting! Businesses as they navigate the complexities of a rapidly evolving marketplace sub­sidiary in terms of IFRS 15: Revenue Contracts. Need is ifrs 10 bdo preparers, auditors, accountants and regulatory authorities to interpret and apply IFRS appropriately consistently. Terms of IFRS 15: Revenue from Contracts with effective Periods Beginning (.