IFRS 15 Revenue from Contracts with Customers - Transition (Apr 2015)
This publication summarises the transitional requirements of IFRS 15 and provides practical examples to illustrate the effect of the transitional provisions.
The guidance in IFRS 15 is considerably more detailed than existing IFRSs for revenue recognition and includes extensive application guidance and illustrative examples, and may bring significant changes which will need careful planning.
Entities need to start thinking about the impact of this new standard and this needs to cover not only changes to how revenue will be recognised in future, but also how they will transition to the new requirements. This is because a number of different approaches are permitted which may have a significant effect on amounts that are included in profit or loss.