IFRS 15

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In May 2014, the IASB issued the new standard IFRS 15 Revenue from contracts with customers (and the FASB issued the corresponding standard ASC 606). The standard prescribes mandatory application from 1 January 2017, which was amended in September 2015 by the standard-setting board to 1 January 2018. Please find information on the new standard as follows.

On 18 March 2016 PwC Accounting Advisory experts presented the fundamental rules of the new IFRS 15 – Revenues from contracts with customer standard in a Hungarian webinar. Experts presented the 5-step approach – through practical examples –, the main practical challenges associated with the application of the standard and the transitional rules. The webinar is available below:

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IFRS 15 for the software industry – In brief

IFRS 15 for the software industry – In brief

It has long been understood that the software industry would be one of the industries more significantly affected by the adoption of IFRS 15. The implementation of IFRS 15 in the software industry is proving to be a challenge, as expected. Even if there is no significant change to the pattern of revenue recognition, management will need to make a number of new judgements and estimates. This document provides additional insight into some of the key judgements facing the industry during the implementation phase.

Revenue guide - 2016 global edition

Revenue guide - 2016 global edition

In 2014, the FASB and IASB issued their converged standard on revenue recognition, which replaces much of the prescriptive and often industry-specific or transaction-specific guidance included in today’s accounting literature. Subsequent to issuance, a number of implementation issues were identified and discussed by the Revenue Recognition Transition Resource Group, a joint working group established by the boards. Some of these discussions led to the boards making amendments to the standard, its related implementation guidance, and basis for conclusions. The resulting changes to US GAAP and IFRS are not identical. We have updated our guide, Revenue from contracts with customers – 2016 global edition to reflect these developments, as well as for our additional insights on applying the new standard.

Implementation of the new revenue standard (IFRS 15, ASC 606)

Implementation of the new revenue standard (IFRS 15, ASC 606)

To better understand where organizations stand with their implementation of the new standard and the expected impacts and implementation issues that may arise, PwC and Financial Executives Research Foundation (FERF) collaborated for the second year on a revenue recognition implementation survey. Analysis of the results from the PwC-FERF survey indicates that despite the delay in effective date of the standard, the overall state of readiness may be lagging. This Hungarian publication summarized the survey.

Revenue from contracts with customers The standard is final – A comprehensive look at the new revenue model

Revenue from contracts with customers The standard is final – A comprehensive look at the new revenue model

On 28 May 2014, the IASB and FASB issued their long-awaited converged standard on revenue recognition. Almost all entities will be affected to some extent by the significant increase in required disclosures. But the changes extend beyond disclosures, and the effect on entities will vary depending on industry and current accounting practices. Entities will need to consider changes that might be necessary to information technology systems, processes, and internal controls to capture new data and address changes in financial reporting. This publication summarises the new revenue recognition model. The boards have established a joint Transition Resource Group (TRG) to aid entities transitioning to the new standard. We encourage entities to use this document as a guideline and monitor developments discussed by the TRG and the boards during the transition period.

The following short video series take through the key points in IFRS 15 - Revenue from contracts with customer.

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Gábor Balázs

Gábor Balázs

Partner, PwC Hungary

Maria Williams

Maria Williams

Director, PwC Hungary

Miklós Novák

Miklós Novák

Director, PwC Hungary

Gábor Halmosi

Gábor Halmosi

Director, PwC Hungary

Roland Balogh

Roland Balogh

Senior Manager, PwC Hungary

Péter Heronyányi

Péter Heronyányi

Senior Manager, PwC Hungary

Enikő Könczöl

Enikő Könczöl

Partner, PwC Hungary

Ildikó Mészáros

Ildikó Mészáros

Manager, PwC Hungary

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