Completed
Date

Tuesday 16 May 2017

Time

12:00 am

Duration

1.5 hours

Session Topic

New AASB 15 (Part 1) – identifying the contract and performance obligations

Entities supplying goods and services need to understand and start to implement AASB 15 Revenue from Customer Contracts. This year marks the start of the comparative period, decision-making about transition arrangements and construction of the third balance. Internal accounting policies will need to be drafted and systems information modified to produce AASB 15-compliant information. This session, the first of three in the series, will cover steps one and two of a five-step revenue-recognition process. Step one asks the questions:

  • What is a contract? and
  • Who is the consumer?
  • It also examines aggregation of contracts and contract modifications. Step 2 asks:
  • What is a performance obligation and what isn’t? and
  • What makes a performance obligation distinct?
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This session is presented by:

Corporate Headshot

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.

Stephen Newman

Executive Counsel

Stephen is a corporate lawyer with extensive litigation experience, particularly in the Supreme Court and the Federal Court as well as with police fraud squads. Stephen has advised clients on fraud and fraud related issues including the design of relevant work policies, the recovery of defrauded assets from fraudsters, the making of insurance policies, and litigation against negligent professional advisers.