Louise Lovering, Mithra Villanelo and Nicholas Blunt discuss the new and broad reaching revenue recognition accounting standard AASB 15.
AASB 15 Revenues from Contracts with Customers is the new revenue recognition accounting standard that could affect the way companies account for revenue from 1 January 2018.
Its reach is potentially broad. If you derive revenue from contracts with customers (service and/or product-based), this article will be of particular interest to you if you also have a role in managing and planning for tax in your organisation.
We expect AASB 15 to have a material impact on the telecommunications, software and building & construction industries, but other sectors will also need to consider the application of AASB 15 and possible interactions with tax.
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