Impact of AASB 15: the new revenue standard

Impact of AASB 15: the new revenue standard

Understanding the impact of AASB 15: the new revenue standard.

Understanding the impact of AASB 15: the new revenue standard.

The new revenue standard, effective from 1 January 2018, may have a significant impact on how and when revenue is recognised for many organisations. AASB 15 is based on, and incorporates, IFRS 15 Revenue from Contracts with Customers, as issued by the IASB. Together with AASB 16 Leases and AASB 9 Financial Instruments it is arguably one of the most significant changes to financial reporting since IFRS adoption.

To overcome the challenges and maximise the opportunities presented by the new standard, you should prepare your organisation now.

Do you know:

  • How the new standard will affect your company from an accounting, tax and regulatory perspective?
  • How to get your systems, processes, data, policies, controls and people ready to transition?
  • The operational challenges which might stand in your way?

KPMG’s revenue recognition specialists can help you create a clear path forward when navigating the complexities of implementing the new standard. We have helped major Australian and multinational organisations understand the impact of the new standard across their business. In doing so, we have helped them redesign core financial operations to not only comply, but also drive tangible business value.

Explore our insights and browse our capabilities to see how KPMG can help you in a successful implementation of the new standard.

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