The revenue standards – AASB 15/IFRS 15 Revenue from Contracts with Customers’ and AASB 1058 Income for Not-for-profit entities – continue to challenge preparers and auditors.
Report 799 ASIC’s oversight of financial reporting and audit 2023–24 described shortcomings in revenue reporting and auditing. ASIC identified concerns with recognition of revenue and disclosure of accounting policies, including recognition of revenue as an agent versus a principal.
ASIC action resulted in a significant fine and disqualification for former Noumi (previously Freedom Foods Ltd) CFO and company secretary over inventory and revenue.
This GAAPinar will discuss common queries and restatements. It will review those parts of standards that require continual assessments. The session will also explore disclosures of material-accounting policy information on revenue as well as those required by the revenue standards.
