Tuesday 16 May 2017


12:00 pm


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 a former Board member of the AASB (2012 – 2020) and a former member of the IFRS for SME implementation committee (2020 – 2023).

Stephen Newman

Executive Counsel

Stephen is a corporate and commercial lawyer who also has considerable litigation experience in all major Courts and Tribunals. Stephen is a team member of ReportFraud. Stephen advises a range of clients and in particular, Accountants and Auditors on issues that relate to corporate and trust entities, businesses and private clients operating in many different industries, both domestic and international. Stephen also has considerable experience in dealing with regulators and conducting the defence of investigative and enforcement action.