For all those preparers who planned to deal with the International Financial Reporting Standard (IFRS) standard, IFRS 15 Revenue from Contracts with Customers, tomorrow – some bad news – tomorrow is here. Since the standard was issued in May 2014 many preparers seem to have turned a blind eye to the impending application of IFRS 15 and left it on the to-do-list for ‘tomorrow’.

Many have assumed that it will not change their accounting for revenue, others have assumed that they can get away with a ‘back of the envelope’ exercise at the last minute. It seems that it is only a relatively small group which has got on with the task in hand and already understands the implications and has quantified them; for the rest time has now almost run out.

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