Implementing IFRS 15 'Revenue from Contracts with Customers' - A practical guide to implementation issues for the aerospace and defence industry
Although 2017 may seem some way off, this implementation date for IFRS 15 Revenue from Contracts with Customers has been set because some entities will need significant time to prepare for the impact of the new standard. In some cases, the standard will require significant system changes or will significantly affect other aspects of operations (e.g. internal controls and processes, Key Performance Indicators, compensation and bonus plans, bank covenants, tax etc.), and, therefore, it is imperative that entities identify any such impacts early on.
This guide is intended to provide an overview of applying IFRS 15 within the aerospace and defence industry. The guidance provided here is not intended to be exhaustive, but aims to highlight some of the potential issues to consider and to indicate how those issues might be approached.
