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FYI Article – IFRS 15: The New Revenue Standard – Are You Ready?

  • IFRS - AcSB Image

Apr 02, 2015

On April 2, 2015, the Accounting Standards Board published an article that discusses the International Accounting Standards Board’s new standard on accounting for revenue and the more significant changes from current requirements. It also identifies a number of considerations for planning to implement the standard.

IFRS 15, Revenue from Contracts with Customers, introduces some significant changes in accounting for revenue. The effect on entities will depend on the nature of their sales transactions. While some entities will see little, if any, changes to the recognition and measurement of revenue, others will see substantial changes (for example, entities with long-term service contracts and multiple-element arrangements).  Many entities will have additional disclosure requirements. 

IFRS 15 was incorporated into Part I of the CPA Canada Handbook – Accounting in February 2015.

Read the article.

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