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.

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.

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.

View a copy of the slide presentation from the webinar.