7th July 2016
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) jointly issued IFRS 15 – Revenue from Contracts with Customers that supersedes virtually all revenue recognition requirements in IFRS and US GAAP.
IFRS 15 removes inconsistencies and provides a more robust framework for addressing revenue recognition issues. IFRS 15 will likely affect an entity’s financial statements, business processes and internal control over financial reporting. An early assessment will be the key to managing the implementation of this accounting standard.
IFRS 15 applies to all entities that enter into contracts to provide goods or services to their customers, unless the contracts are in the scope of other IFRSs, such as IFRS 17 (Leases).
IFRS 15 is effective for annual periods beginning on or after 1 January 2018 and early adoption is permitted.
DOWNLOAD IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS PAPER (PDF) HERE
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