Arguably, AASB 15 Revenue from contracts with customers is the most important accounting standard in our suite of standards. ASIC surveillance programs and those of other regulators have shown that both preparers and auditors still struggle to understand AASB 15 requirements and compliance.
Of the five-step revenue-recognition process – ‘Identify the contract with the customer’ (step 1), ‘Identify the performance obligations in the contract’ (step 2) and ‘Recognise revenue’ (step 5) – continue to be the most challenging.
This session will
- Identify issues with revenue recognition identified by regulators and others
- Answer ‘When is there a contract?’
- Review the performance obligations, variable consideration, and contract modifications requirements
- Discuss case studies on revenue disclosures
- Revisit what needs to be disclosed, and
- Cover what should be in your internal revenue-accounting policy and governance communication.
