AASB 15 Revenue from Contracts with Customers

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AASB 15 Revenue from Contracts with Customers

Are you ready?

In less than one year, many companies are going to have to start recording revenue under a completely new framework; but are they ready? From 1 January 2017 all new systems will have to be ready, for a compulsory AASB 15 effective date of 1 January 2018.

What does this mean for your business? Potentially change in systems, change in processes, change in accounting policies and in some instances, change in contracts! 

Sufficient time to plan, resource and implement an AASB 15 solution appropriately will be critical to implementation success with minimal disruption to businesses.

The application of AASB 15 is expected to have varying levels of impact across organisations and industries. In some circumstances, the sheer complexity, judgement and disclosure requirements will require substantial changes to an organisation’s financial reporting systems and processes; while other organisations may benefit from a simpler implementation. However, in all circumstances,  entities preparing general purpose financial statements will at the very least be exposed to increased levels of disclosure; some of which may be commercially sensitive and complex to prepare when compared against current requirements.

The full impact of AASB 15 can only be understood when contracts are assessed using the new guidance in its entirety. Don’t have the time to read all 350 pages of the guidance? Deloitte can help.

Our website includes links and documents to technical support to assist you with building your knowledge.  To compliment the technical component, we have also developed the AASB 15 diagnostic tool – designed to look beyond the debits and credits and provide insights on the broader business “issues”.

If you would like more information, assistance with your AASB 15 implementation or have any questions, please feel free to reach out to one of our AASB 15 Project Team members below or contact us on AASB15@Deloitte.com.au.

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