Thursday 27 April 2023


12:00 pm


1.5 CPD hours

Session Topic

Problem-solving AASB 15 Revenue from contracts with customers

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.
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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.


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