IFRS 15 tips: preparing for June 2018 interim accounts

Tony Perkins, audit partner at BDO, explains the pros and cons of the full retrospective or catch-up approach tin the transition to accounting for revenue recognition under the new IFRS 15 Revenue from Contracts with Customers focusing on issues for reporters preparing June 2018 interim accounts

IFRS 15 Revenue from Contracts with Customers is mandatory for periods beginning on or after 1 January 2018. Consequently, many entities will now be in the first accounting period in which this major new standard applies.

For these entities, from an external reporting perspective, it is not just the next annual report that will be affected; the next set of interim accounts will also need to be prepared using IFRS 15. Transition and disclosure should, therefore, be at the forefront of the mind.