AASB 15: Revenue
AASB 15: Revenue
Understand the impacts of AASB 15: the new revenue standard.
Understand the impact of AASB 15: the new revenue standard.
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IFRS 15 handbook
IFRS 15 handbook
KPMG’s Revenue IFRS 15 experiences in one handbook – providing detailed guidance, illustrative examples and extensive discussions on complex areas.
KPMG’s Revenue experiences in one handbook – providing detailed guidance, illustrative examples and extensive discussions on complex areas.
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How should revenue be recognised over time?
How should revenue be recognised over time?
Understand how assessing revenue should be recognised over time for not-for-profit organisations.
Understand how assessing revenue should be recognised over time for not-for-profit organisations.
The new revenue standard (AASB 15) is now effective and brings a different approach to recognising revenue. The challenge now is to embed the revenue requirements into business-as-usual (BAU) while understanding the market and regulators’ interpretation of the requirements in practice.
Areas of complexity remain even when AASB 15 becomes BAU. These range from financial statement disclosures that tell the revenue story, ongoing and challenging technical accounting requirements, to optimising financial reporting processes.
How we can help
We provide a range of services to help you with these complexities and more, including:
- supporting your implementation project transition into BAU
- accounting advice – including ‘on call’ services
- BAU partnering including revenue contract structuring advice
- process and IT system change solutions
- industry, regulator’s insights and analysis around disclosures
- training.
Not-for-profits
Not-for-profits (NFPs) will begin applying the new revenue standard along with AASB 1058 Income for Not-for-Profit Entities from 1 January 2019. These new income standards have complexities including: which standard to apply (e.g. the income standard, revenue standard or both) and how to apply a for-profit revenue standard to NFP revenue transactions. NFP’s should not underestimate the effort, time and cost required to implement these changes, and time is running out.
Explore our insights and browse our capabilities to see how KPMG can help you.
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