Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 29/05/2014

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

Revenue – a new global standard (2014/09) 

This issue of In the Headlines these amendments now bring AASB’s into line with the requirements of International Financial Reporting Standards issued in 2012, i.e. without the need for disclosure of additional consolidated information in the notes.
In the Headlines cover
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What's the issue?

IFRS 15 Revenue from Contracts with Customers was issued by the IASB on 28 May 2014. The standard is effective for annual periods beginning on or after 1 January 2017, with early adoption permitted under IFRS.

The new revenue standard replaces existing IFRS and US GAAP and is likely to affect the way you account for revenue. Companies will also be subject to extensive new disclosure requirements under the new standard.