IFRS 15: Revenue from Contracts with Customers

IFRS 15 brings considerable implementation challenges for companies with long-term contracts. The new standard comes into effect on 1 January 2018 and requires companies to recognise revenue to depict the transfer of goods or services to customers.

Preparing for IFRS 15

Mazars can help your organisation prepare for IFRS 15. In addition to impact assessments and contract analyses, we’ve run a Long-term Contracts Club for organisations involved with long-term contracts. These workshops ran from April 2016 to February 2017. Below, you can download summaries of some of the most pressing issues considered.

  • Introduction to the main principles of IFRS 15
  • Identification of performance obligations
  • Revenue recognition on transfer control
  • Incremental costs of obtaining a contract
  • Identification of contracts
  • Contract modifications
  • Variable consideration
  • Existence of a significant financing component – coming Feb 2017
  • Disclosures on remaining performance obligations – coming Feb 2017
  • Presentation of contract assets and liabilities – coming Feb 2017