AASB 15 Revenue from Contracts with Customers fundamentally changes the financial reporting landscape for how entities recognise revenue.
Most entities will face significant challenges when they prepare their financial statements using this new accounting standard. The changes can be complex and can have effects beyond just the accounting treatment.
When adopting AASB 15, including deciding which transition route to apply, entities need to consider both the commercial impacts on their business as well as any changes that need to be made to business processes and accounting systems.
In this Webinar, we will address the following:
• Consequences on reported earnings;
• Consequences for management accounts, forecasts and strategies;
Impact on distributable reserves;
• Agreements which are based on profit such as debt covenants, management agreements, remuneration and share-based payment schemes;
• Accounting system changes to enable transition to AASB 15.
Webinar Learning Outcomes:
At the end of this webinar, attendees will be able to:
• Explain how revenue recognition will be impacted;
• Explain which processes and systems will need changing;
• Explain which wider business planning activities will be affected;
• Explain how current agreements will be affected;
• Explain how IFRS 15 will impact various industries, i.e. retail, real estate and construction and manufacturing.
Preparers and auditors of financial reports.
Aletta Boshoff is a Partner and National Leader in IFRS Advisory at BDO Australia. Aletta has over 25 years’ experience in financial reporting and accounting, including IFRS. Aletta prides herself on her technical excellence, approachability, and the ability to solve problems practically. Aletta loves accounting and accounting standards, but she is also of the view that it's only when you try and apply that knowledge that you are really challenged and that it is only then that you fully appreciate the nuances of IFRS.
You will be provided with:
• PowerPoint presentation slide deck
• Supporting documentation
• Webinar Recording to view multiple times for up to 6 months
• An opportunity to ask questions to the presenter
This new standard significantly increases complexity around the recognition of revenue - are you ready?