|The Malaysian Accounting Standards Board (MASB) has today issued Clarifications to MFRS 15 Revenue from Contracts with Customers (the Amendments). The Amendments is word-for-word Clarifications to IFRS 15 as issued by the International Accounting Standards Board (IASB). The Amendments is effective for annual periods beginning on or after 1 January 2018 and early application is permitted.
The Amendments clarifies how certain principles should be applied in:
a) identifying whether performance obligations are distinct;
b) determining whether an entity is a principal or an agent; and
c) assessing whether revenue from a licence of intellectual property is recognised over time or at a point in time.
MASB issues Clarifications to the new Revenue Standard (16 June 2016)