A new standard for revenue, based on a transfer of control model, which fundamentally changes the basis of revenue recognition, presentation and disclosure
- Paul Feetham, Partner, Accounting Advisory Services, Toronto
Being able to use global insights from companies around the world that are implementing this standard will help you develop robust policies and consider industry trends in implementation of the new guidance. Getting access to industry-specific insights will give you confidence in your decisions.
Developing a methodology for grouping your contracts, assessing risk and performing contract reviews will allow you to achieve a more efficient implementation and avoid unnecessary effort and duplication of work. A robust methodology will also enable you to develop documentation to support your audit process.
Initial adoption may be achieved through short-term fixes - but we can help you design and develop an accounting procedure, processes and controls that you can take forward as part of your ongoing compliance with IFRS 15. You'll enjoy a sustainable solution that will build long-term efficiencies and effectiveness into your ongoing financial reporting system.
Given that revenue is such a vital performance indicator for external stakeholders and investors, it's imperative for businesses to understand fully how this standard may change the revenue line. Getting ahead of those changes and communicating them in advance to your investors will help you manage expectations and avoid surprises.
Companies that are already working through their IFRS 15 implementation have indicated that it can be a complex and time-consuming process. We can guide you through this journey by combining our global insight, practical experience and technical expertise.
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