Many preparers and auditors might think that the heavy lifting is over when AASB 15’s recognition and measurement requirements are done. Not so. The disclosure (and presentation rules) will also prove a challenge. They are substantial. Disclosures are entity-specific and require systematic judgement to ensure that they are appropriate for users. Copying from a model set of financial statements is not going to cut it. This session will:
- Profile the presentation requirements
- Describe the disclosure objective and the application of materiality
- Address the specific disclosures required for contracts with customers, performance obligations, significant judgements, and for assets recognised from the costs to obtain or fulfil a contract with a customer
- Provide examples of the disclosures of early adopters, and
- Recap general disclosure rules for changes in accounting policies.