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.
© 2015 - Thu Jan 17 02:10:34 UTC 2019 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.