Thursday 16 November 2017


2:30 pm


1.5 CDP hours

Session Topic

Accounting for long-contracts under AASB 15

For December balancers, 31 December 2017 is the comparative period for AASB 15 Revenue from Customer Contracts. Accounting for long-contracts is a particularly challenging under this new standard, replacing the requirements of rendering of service rules of AASB 118 Revenue and AAS 111 Construction Contracts. This session will address:

  • Transitional decisions
  • Contract modifications, performance obligations, variable consideration, and contacts costs of long-term contracts (with examples)
  • System information requirements for measurement and disclosure, and
  • What should be included in your detailed accounting policy.
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This session is presented by:

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Carmen Ridley

Principal | Australian Financial Reporting Solutions

Carmen has an excellent knowledge of financial reporting through significant experience with a number of major accounting firms in both the external audit and technical divisions and spending significant time analysing and interpreting accounting standards for clients. Carmen is the co-author of ‘Understanding and Implementing the Reduced Disclosure Regime’. Carmen is serving her third three-year term as a member of the AASB.