Insights for Canadian businesses into the joint standard on revenue recognition from the IASB and FASB - IFRS 15.
Insights into the joint standard on revenue recognition from the IASB and FASB - IFRS 15.
A new global standard for revenue recognition
It's likely that the new revenue standard, which is now effective, will affect the way you account for revenue. It replaces existing IFRS and US GAAP guidance and introduces a new recognition model for contracts with customers. For some, the new standard will have a significant impact on how and when they recognize revenue. All companies will be subject to extensive new disclosure requirements.
Our materials help you understand the new requirements, assess the impact on your company, and keep up to date with the latest thinking on the new standard.
"IFRS 15 impacts any company with revenue, but particularly telecommunications firms and any company party to long-term contracts with customers, since it requires a different way of thinking about revenue that could impact both the amount and timing of revenue recognition. Since this changes how revenue is recognized by disconnecting revenue from cash flows, some key metrics may be affected." Kristy Carscallen, Canadian Managing Partner, Audit