Understand the impacts of AASB 15: the new revenue standard.
Understand the impact of AASB 15: the new revenue standard.
The new revenue standard (AASB 15) is now effective and brings a different approach to recognising revenue. The challenge now is to embed the revenue requirements into business-as-usual (BAU) while understanding the market and regulators’ interpretation of the requirements in practice.
Areas of complexity remain even when AASB 15 becomes BAU. These range from financial statement disclosures that tell the revenue story, ongoing and challenging technical accounting requirements, to optimising financial reporting processes.
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Not-for-profits (NFPs) will begin applying the new revenue standard along with AASB 1058 Income for Not-for-Profit Entities from 1 January 2019. These new income standards have complexities including: which standard to apply (e.g. the income standard, revenue standard or both) and how to apply a for-profit revenue standard to NFP revenue transactions. NFP’s should not underestimate the effort, time and cost required to implement these changes, and time is running out.
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