In this series KPMG explores issues to consider as you embed the revenue standard into your business and financial reporting practices.
AASB 15 Revenue from Contracts with Customers is now applicable. This standard brings a new approach to accounting for revenue. Application of this new standard requires consideration of a range of different issues around revenue recognition and measurement, capitalisation of costs, disclosures, transition and flow on impacts to other standards.
As you embed the new revenue standard into your business and financial reporting practices, we share common issues that we have seen on implementation:
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