Singapore

Details

  • Service: Audit
  • Type: Business and industry issue
  • Date: 5/28/2014

Revenue – a new standard (2014/09)  

The new revenue standard is likely to affect the way you account for revenue. Issued on 28 May 2014, it replaces existing IFRS and US GAAP guidance and introduces a new revenue recognition model for contracts with customers. For some, the new standard will have a significant impact on how and when they recognise revenue, but for others transition will be easier.

Revenue – a new standard
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All companies will need to assess the extent of the impact, so that they can address the wider business implications, including communications with investors and analysts.