Booking of contract revenue set to change
From 2017, firms must follow a 5-step model requiring more judgment, estimates
[SINGAPORE] In what may be the biggest change in recent years in the manner companies prepare their accounts, the world's global financial standards setting body has announced a substantial alteration in the way revenue is to be recognised.
The International Accounting Standards Board (IASB) - in conjunction with its American counterpart, the Financial Accounting Standards Board (FASB) - has released a new International Financial Reporting Standard: IFRS 15 on revenue from contracts with customers.
It will affect just about every entity that generates revenue, with the biggest impact expected on telecommunications, technology and real estate companies.
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