What are the implications of IFRS 15 for financial reporting?

Apr 26, 2017 ... Excluding the impact of IFRS 15, the revision of the sales system for the Consumer Products Business in Japan and the effect of currency ... Applying IFRS 15, an entity recognises revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration ... ASC 606 and IFRS 15 are revenue recognition standards that affect all businesses that enter into contracts with customers to transfer goods or services. Topic 606, together with the IASB's IFRS 15, Revenue from Contracts with Customers, completed a joint effort by the FASB and the IASB to improve financial ... We provide evidence on the impacts of IFRS 15 on the revenue recognition practices and financial statements for a sample of Australian and New Zealand firms. IFRS 15 sets out a single and comprehensive framework for revenue recognition, The guidance in IFRS 15 is considerably more detailed than existing IFRSs for ... The new IFRS rules will be applicable for periods beginning on or after 1 January 2018. Here we look at the question of whether it's possible to avoid ... The objective of IFRS 15 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the ... IFRS 15 helps companies to identify the amount and timing of revenue for accounting purposes. For this purpose, the standards contain a five-step model with ... Jun 26, 2020 ... We conclude that IFRS 15 has led to much effort in implementing the standard, but that, in terms of the impact on reported revenue in the income ...