The Australian Accounting Standards Board (AASB) has published
AASB 15: Revenue from Contracts with Customers. Except for some
limited exceptions, AASB 15 will provide a single source of
accounting requirements for all contracts with customers. The new
Standard will impact the reported results of clients that:
- provide customers with bundled products and/or services;
- provide customers with significant warranties and/or
rebates;
- experience significant variability in revenue collectability
from contract to contract;
- have contracts for which the amount of consideration can vary;
and/or
- renegotiate the scope and/or consideration with customers.
The types of industries that are most likely to be impacted by
the adoption of AASB 15 include construction,manufacturing,
telecommunications, software development and licensing, and real
estate. The economic implications of AASB 15 for clients will vary,
depending upon their particular circumstances, but clients
