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IFRS 15: revenue recognition implementation tips - part 2

Bundled services and specific industry sectors will need to overhaul revenue recognition reporting under the new accounting standard, IFRS 15 Revenue from Contracts with Customers, and now is the last chance to ensure that everything is in place for the new accounting rules effective date from 1 January 2018, explains Brian O’Donovan, partner in KPMG's international standards group

Quotes]  A big slug of future cashflow is brought forward and recognised as revenue

A company that can preserve its revenue profile under IFRS 15 cannot necessarily preserve its profit profile

Disclosure overload is a real problem for many companies. Skimping on these new disclosures could be even more of a problem

Three years after it was issued and only months before it becomes effective, the jury is still out on the new revenue standard. Some companies believe the impact is huge, the accounting and systems changes almost unmanageable. Others are sticking to the line that IFRS 15 Revenue from Contracts with Customers will just affect a few notes. So who is right?

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