Wednesday 6th May 2015
Duration: approx. 1.5 hours
The new revenue standard is not set to come into force for a while, but when it does, it will change the principles of revenue recognition completely. In many cases, the end result will be the same, but in others, such as telecommunications and construction, things will never be the same again.
So why bother learning about a standard which won’t be in force for over a year? Because the way contracts are crafted today will affect tomorrow’s disclosures. This presentation is a designed as an introduction to AASB 15, and explanation of the key concepts and will include a review of which industries are going to be affected and how.
- History of the new standard – why we need it – what’s wrong with the current standard
- The key concepts in the new standard – what are they?
- The concept of performance obligation
- The concept of risks of ownership passing
- The new and the old compared
- The new standard and the construction and property development industries – need for ownership to pass to client
- Revenue recognition by the client vs expense recognition by the developer – timing differences?
- The new standard and the telecommunications industry
- Unbundling revenue from bundled services generally
- The new standard and not for profits – will it solve the grants issue – matching revenue and expenditure
- The need to change accounting policies
- Getting clients to understand the new standard
This webinar is suitable for auditors throughout Australia. This is an update webinar on recent developments in this area.
PRESENTED BY: Keith Reilly, Financial Consultant & Lecturer, Macquarie University
Keith Reilly is a financial reporting consultant and covers accounting, auditing and ethical standards, as well as governance and regulatory issues. He has some 40 years’ experience in the financial reporting field, most recently (July 2013) being the National Head of Professional Standards at Grant Thornton Australia, and a member of Grant Thornton’s International Public Policy Group, Independence Working Group, and IFRS Committee.
He was previously the technical director and advisor for the Institute of Chartered Accountants in Australia, and has also worked with the Australian Securities Regulator (ASIC), been an advisor to a major institutional Australian stock broking firm, and a former Research Director and Auditor for two Australian Big 4 audit firms. Keith consults, writes and lectures extensively on financial reporting issues. He is a former member of the Australian Accounting Standards Board’s Urgent Issues Group and a member of the Accounting Professional and Ethical Standards Board’s Code of Ethics Taskforce
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