IFRS-15 Support - Overview

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Overview

 

Under IFRS 15 cost of goods, revenue, and cost of goods sold (COGS) are recognized as soon as the underlying economic transaction has taken place. For commodity trade this means: as soon as goods have been transferred to or from another party. In case the final price is not yet known, the recognition should take place using a best estimate.

 

The most important changes in Agiblocks for IFRS 15 are

-        the introduction of estimated prices on cost sheets,

-        the production of accruals based upon delivery based on these estimated prices,

-        an additional month-end facility

-        the moment goods are treated as “realized”