EVALUATION OF IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMER WITHIN THE SCOPE OF CUSTOMER LOYALTY PROGRAMS
MÜŞTERİ SADAKAT PROGRAMLARI KAPSAMINDA IFRS 15 MÜŞTERİ SÖZLEŞMELERİNDEN HASILAT STANDARDININ DEĞERLENDİRİLMESİ

Author : Vedat ACAR -Gökberk BAYRAMOĞLU
Number of pages : 125-135

Abstract

The inadequacy of the IAS 18 Revenue Standard on a variety of issues and the failure to explain processes with complex elements caused many problems. This indicates the need for a new revenue standard. To this end, a new revenue standard IFRS 15 Revenue from Contracts with Customers was issued in collaboration with the London-based International Accounting Standards Board and the New York-based Financial Accounting Standards Board. With the publication of this standard, many standards and interpretations, including IAS 18 Revenue Standard and IFRIC 13 Customer Loyalty Programmes, have been abolished. In this study, revenue recognition from customer loyalty programs is evaluated within the scope of old and new revenue standards. IFRS 15 has made a significant change in accounting for revenue. This change is the condition that the revenue-generating processes are contractual. Therefore, the contractual revenue principle complies with the conceptual framework. Furthermore, according to the standard, the opposite side of the contract can only be the customer. Both IFRIC 13 and IFRS 15 take into consideration the postponement of revenue in the recognition of revenue from customer loyalty programs. In other words, the gift point portion of the revenue is postponed. Deferred revenue is recognized when the gift point is used by the customer or expires. IFRS 15 Revenue from Customer Contracts includes some changes when and how much revenue is recognized for customer loyalty programs.

Keywords

IFRS 15 Revenue from Contracts with Customers, Customer Loyalty Programs, IFRIC 13

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