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International GAAP Holdings Limited

Model financial statements for the year ending 31 December 2017

This Appendix has been produced to complement the International GAAP Holdings Limited Model financial statements for the year ending 31 December 2017. It focuses on the disclosure requirements in IFRS 15 Revenue from Contracts with Customers which are effective for periods beginning on or after 1 January 2018.

The core principle of IFRS 15 is that an entity should recognise revenue in a way that depicts the transfer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new Standard introduces five-step approach to revenue recognition and measurement, and also requires extensive disclosures.

Relatively few entities have adopted IFRS 15 in advance of its effective date and discussions about the application of IFRS 15 are ongoing. Market practice has yet to be developed but will no doubt do so over time.

This publication aims to provide you with guidance to support the implementation of the IFRS 15 disclosure requirements. It includes guidance on the statement of financial position, statement of profit and loss and other comprehensive income, and the notes, as they are affected by the application of IFRS 15.

International GAAP Holdings Limited
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