Revenue Recognition: Disclosure of the state of readiness - Progress made in 2017

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How has the new accounting standard impacted telco companies?

Starting January 1, 2018, the International Financial Reporting Standard for “Revenue from contracts with customers” (IFRS 15), as well as the US GAAP standard Topic ASC 606, needs to be applied by a majority of companies worldwide. Depending on a company’s existing business model and revenue recognition practices, IFRS 15/ASC 606 could have a significant impact on the amount and timing of revenue recognition, which in turn could impact key performance measures, contract negotiations, business activities, and budgets.

This paper examines the disclosures in the financial statements of 60 of the largest telco companies from 25 countries in three regions – Asia, Europe and the Americas. To gauge the progress they had made analyzing the impact of IFRS 15, we compared the information from their 2016 annual reports with information from their 2017 interim reports.

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