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AASB 15 Revenue from contracts with customers: Financial services entities

AASB 15 Revenue: Financial services entities

Watch a recording of our webinar held on 29 November 2016 for an overview of the common implementation issues for financial services entities of the new standard – AASB 15 Revenue from contracts with customers.

Kim Heng

Partner, Audit, Assurance & Risk Consulting

KPMG Australia


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The webinar provides an overview for all financial services entities, such as responsible entities, fund manager and funds in the asset management sector. It also covers banks, insurance companies and third party intermediaries, such as brokers and agents.

The AASB 15 revenue recognition standard is applicable for years beginning on or after 1 January 2018. Depending on the type of transition selected, organisations may have to present the comparative period, which will need revenue information in 2017 for implementation and disclosure purposes.

AASB 15 applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, and financial instruments.

What does AASB 15 require?

The core principle of the revenue recognition model is that an entity recognises revenue to depict the transfer of promised goods or services, to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the standard establishes a five-step model that an entity applies.

AASB 15 Revenue requirement chart

The webinar explores implementation issues for entities in the financial services sector, including:

  • intersections between AASB 15 and other applicable standards
  • customer loyalty programs
  • bonuses and performance fees
  • contract acquisition costs
  • agent vs principal considerations.

Presentation slides

View a copy of the slide presentation from the webinar.

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KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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