Revenue Accounting Standards | Australia

Significant changes to revenue recognition, implemented on 1 January 2018 (and deferred for Not-for-Profits to January 2019), require all entities to assess and potentially amend each of their customer contracts.

The new rules under AASB 15 Revenue from Contracts with Customers (AASB 15) apply to all entities, due to Australia’s ‘sector neutral’ standards. The changes require significant judgement involving complex accounting and could disrupt the usual timing of revenue recognition for many entities.

The changes require all stakeholders beyond the finance function to work together to identify the impact of these changes on systems and processes. Teams will need to ensure compliance and reporting has begun at the start of the process, rather than as an after-thought when putting financials together, year-end.

This report, Accounting for Revenue, outlines the main changes, opportunities and consequences of AASB 15 Revenue from Contracts with Customers (AASB 15). It also breaks-down the five-step model to recognise revenue earned from a contract (with limited exceptions), regardless of the type of revenue transaction or the industry that the entity operates in.

For more information on revenue recognition and how it effects your entity, seek advice from your local William Buck office.

Accounting for Revenue >

<Back

All the Latest From Our Team

Small companies may become large as a result of additional assets recognised under the new lease standard

Posted By William Buck News on 11/01/2019 10:22:40 am

All Australian business leases will be subject to new accounting rules from January 1 2019, which could have significant impact on an entities overall financial…

Read More
Update on Not-for-Profits accounting for peppercorn leases

Posted By William Buck News on 07/01/2019 10:29:56 am

On 24 December 2018 the AASB issued an amending standard AASB 2018-8 Amendments to Australian Accounting Standards – Right-of-Use Assets of Not-for-Profit Entities that provides…

Read More
NFP accounting landscape set to change

Posted By William Buck News on 21/12/2018 10:30:37 am

The already complex accounting landscape for Not-for-Profits, is set to change beginning 1 January 2019, with the Accounting Standards Board  new income and revenue recognition…

Read More
Festive fraudsters risk to businesses

Posted By William Buck News on 03/12/2018 03:05:19 am

While the Christmas holiday break is traditionally considered a time to unwind and reflect on the past year, it can also be one of the…

Read More