As organisations continue to expand and change with an evolving economy – whether developing new products and services or embedding technological innovations – this can bring challenges in interpreting and applying the standard.
The revenue standard (AASB 15) was designed to deal with a wide range of transactions and accommodate change.
Complexities when applying the revenue requirements range from judgements involved in principal vs agent analysis, identification and estimating variable consideration, settlement with non-cash consideration to determining whether a revenue contract is onerous.
| Not-for-profits For not-for-profits (NFPs), additional complexities may arise, such as determining which standard to apply (AASB 15 vs AASB 1058 Income for Not-for-Profit Entities) and how to apply a for-profit revenue standard to NFP revenue transactions. |
AASB 15 resources
Explore our guidance to help you interpret and apply AASB 15 to your revenue-related transactions.
How KPMG can help
We provide a range of services to help with the complextities of applying AASB 15, including:
Accounting advice – including ‘on call’ services
Revenue contract structuring advice
Process and IT system change solutions
Industry, regulator’s insights and analysis around disclosures
AASB 15 training.
