18 May 2017 – IFRS 15 specifies how and when an IFRS reporter will recognise revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles based five-step model to be applied to all contracts with customers.
This new standard will apply to almost all companies reporting under International Financial Reporting Standard and US Generally Accepted Accounting Principles to annual reporting period beginning on or after 1 January 2018.
This presentation by Narissa Chen, Partner, Mazars, gave participants a snapshot of IFRS 15 framework and key requirements with an appreciation of the five-step revenue model and its possible impact on financials.
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