Revenue recognition-after the adoption of ASC 606 and IFRS 15 US GAAP IFRS Collectibility threshold An etity must assess whether it is probable that the entity will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer An entity must assess whether it is probable that the entity will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer For purposes of this analysis, the term "probable" is defined as "the future event or events are likely to occur," consistent with its definition elsewhere in US GAAP. However, for purposes of this analysis, the term "probable" is defined as "more likely than not," consistent with its definition elsewhere in IFRS Shipping and handling activities An entity can elect to account for shipping and handling activities performed after the control of a good has been transferred to the customer as a fulfillment cost (i.e., not as a promised good or service) IFRS 15 does not include a similar policy election Presentation of sales (and other similar) taxes entity can elect to exclude sales (and other similar) taxes from the measurement of the transaction price FRS 15 does not include a similar policy election. Noncash consideration An entity is required to measure the IFRS 15 does not specify the measurement date estimated fair value of noncash consideration at contract inception consideration. measurement date for noncash Noncash considerationWhen the variability of noncash types of variability IFRS 15 does not address how the consideration is due to both the form constraint will be applied when the (e.g., changes in share price) of the nncash consideration is variable due consideration and for other reasons to both its form and other reasons. The (e.g., a change in the exercise price ofIASB noted that, in practice, it might be a share option because of the entity's difficult to distinguish between performance), the constraint on variable consideration will apply only orm of the consideration and other to the variability for reasons other than its form. variability in the fair value due to the reasons, in which case applying the variable consideration constraint to the whole estimate of the noncash consideration might be more practical Licenses of intellectual property (IP)- determining the nature of an entity's promise An entity must classify the IP underlying all licenses as either functional or symbolic to determine whether to recognize the revenue related to the license at a point in time or over time, respectively. IFRS 15 does not require entities to classify licenses as either functional or ymbolic. IFRS 15 requires three criteria to be met to recognize the revenue related to the license over time. If the license does not meet those criteria, the related revenue will be recorded at a point in time US GAAP versus IFRS The basics55