PNG Accounting Technical Update - April 2018

The new IFRS 15 ‘Revenue from contracts with customers’ standard became applicable for the 2018 year, so most companies should now be familiar with the new requirements and applying them in their day to day accounting. However, the impact on existing revenue recognition and measurement policies could be more wide ranging than many companies expect and management should not be leaving it to the 2018 year end to consider the implications and ensure they are in compliance.

 

This technical bulletin reinforces the main requirements of the new IFRS 15 standard, identifies some of the key considerations and questions management and boards should be asking and highlights some of the main industries and types of transaction that will be impacted.

 

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Jonathan Seeto
Managing Partner
Tel: +675 321 1500 | 305 3100
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Stephen Beach
Partner
Tel: +675 321 1500 | 7100 9535
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