IFRS 15 for Pharmaceuticals | KPMG | BG

IFRS 15 for Pharmaceuticals

IFRS 15 for Pharmaceuticals

Our latest publication looks at the key considerations pharma and life sciences companies need to focus on when implementing IFRS 15.

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IFRS 15 for Pharmaceuticals

IFRS 15, the new revenue standard effective from 1 January 2018, is likely to affect the way pharmaceutical companies account for revenue.  It is more than just an accounting change; it could impact:

  • The way you set up your contracts with customers. 
  • Systems and tools you use to capture, process and record revenue.
  • Timing of revenue recognition: advance or delay revenue recognition. 
  • Accounting for contract costs 

The implications of IFRS 15 may be pervasive: impacting everything from EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) to systems and processes, so the implementation of the new standard needs to be one of the key priorities for the coming months – not only to avoid crisis, but also to safeguard an organization`s commercial advantage. 

Are you good to go? 

We have pulled a list of key considerations that pharmaceutical companies need to focus on when implementing IFRS 15. Check them out and get in touch with us for further details.

 

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