Revenue: Agent or principal?

Revenue: Agent or principal?

It is at the core of accounting for any business activities to identify and report revenue from those activities correctly in the entity’s financial statements. IFRS 15 Revenue from Contracts with Customers (‘IFRS 15’) establishes the principles to account for...
Accounting for VAT on leases

Accounting for VAT on leases

The accounting treatment of VAT was considered by the IFRS Interpretations Committee (the IFRIC) during some of its meetings in 2021. More specifically, the committee considered a request that related to the treatment of non-recoverable VAT paid by lessees. Lessees...