Australia

Details

  • Service: Audit, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Industry: Telecommunications
  • Type: Regulatory update
  • Date: 16/07/2010

New on the Horizon

These publications consider the requirements of IASB Exposure Drafts and discuss key elements of the proposed requirements and observations.

New on the Horizon: Revenue recognition for telecoms 

In the exposure draft ED/2010/6 Revenue from Contracts with Customers, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) propose a new model for revenue recognition.

Under these joint proposals, entities, whether reporting under IFRSs or US GAAP, would apply a common approach to revenue recognition across transactions and across industries for the first time.

 

For users of IFRSs, the proposed new revenue recognition model would replace accounting standards on revenue that were introduced in 1993 and have remained largely unchanged since then.

 

In a US GAAP context, this single model would replace more detailed guidance under which many entities follow approaches that are specific to the industries in which they operate or types of transactions.

 

This edition of New on the Horizon considers the proposals in the ED from an IFRS perspective, with additional focus on the potential impact on telecoms.

 

This publication has been produced by the KPMG International Standards Group.

 

International Financial Reporting Standards

KPMG helps organisations adopt IFRS, providing practical support to smooth the transition.

Telecommunications

KPMG's Telecommunications practice work with fixed, mobile and satellite companies to address their operational, regulatory and growth agendas.
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