Dr. Michael Grüne produces paper on IFRS 15 Revenue from Contracts with Customers
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) jointly issued IFRS 15 – Revenue from Contracts with Customers that supersedes virtually all revenue recognition requirements in IFRS and US GAAP.
IFRS 15 removes inconsistencies and provides a more robust framework for addressing revenue recognition issues. IFRS 15 will likely affect an entity’s financial statements, business processes and internal control over financial reporting. An early assessment will be the key to managing the implementation of this accounting standard.
IFRS 15 applies to all entities that enter into contracts to provide goods or services to their customers, unless the contracts are in the scope of other IFRSs, such as IFRS 17 (Leases).
IFRS 15 is effective for annual periods beginning on or after 1 January 2018 and early adoption is permitted.
DOWNLOAD IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS PAPER (PDF) HERE
Dr. Michael Grüne is Partner at MGI Worldwide member firm Partner of Prof. Dr. Binder, Dr. Dr. Hillebrecht & Partner GmbH (BHP) located in Stuttgart, Germany. He is also Central European Circle Leader for MGI in Europe. The firm is a long-standing member of MGI Worldwide for more than 40 years.
For more information contact Michael at [email protected] or go to the firms MGI Worldwide member profile page HERE.