Revenue recognition continues to present challenges for both preparers and auditors, particularly under AASB 15 / IFRS 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-Profit Entities.
In its latest surveillance report (ASIC Report 799), ASIC raised concerns about the quality of revenue reporting and auditing, highlighting issues around:
- Incorrect timing of revenue recognition,
- Insufficient disclosure of accounting policies, and
- Misclassification of revenue recognition as agent vs principal.
The report also detailed enforcement outcomes, including a significant fine and disqualification for the former CFO and company secretary of Noumi (formerly Freedom Foods), reflecting the seriousness of deficiencies in revenue and inventory reporting.
This GAAPinar will:
- Explore common queries and real-world restatements under AASB 15 and 1058,
- Highlight key judgment areas requiring ongoing reassessment, and
- Examine required disclosures, including those relating to material accounting policy information.
Join us to stay on top of evolving expectations, practical pitfalls, and the regulator’s focus areas when it comes to revenue.
