The key considerations for airlines to focus on to drive their IFRS 15 implementation to the finish line.
In a matter of months, the new revenue recognition standard – IFRS 15 – will change the way airlines account for air tickets, cargo airway bills, loyalty
points and change fees.
Airlines are likely to experience the impact of IFRS 15 in the following areas.
Other areas impacted may include accounting for change fees, travel vouchers and holiday packages.
Unexpected changes may also arise as the new standard is more detailed than the existing revenue requirements. Therefore, it’s essential that the accounting impacts are considered in detail, as well as the broader business impacts – e.g. the impact on tax and employee bonus schemes.
Our IFRS 15 for Airlines – Are you good to go? application guidance provides more detailed and practical insight, using examples to illustrate how airlines might apply the new requirements.
Please speak to your usual KPMG contact if you would like to find out more about how KPMG can help your business.
© 2019 KPMG IFRG Limited is a UK company, limited by guarantee. All rights reserved. KPMG IFRG Limited, registered in England No 5253019. Registered office: 15 Canada Square, London, E14 5GL, UK.
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.