4th meeting of the ASCG‘s preparer forum on the implementation of IFRS 15

On 13 September 2016, the ASCG‘s preparer forum on the implementation of IFRS 15 Revenue from Contracts with Customers met for the fourth time.
During this one-day event, representatives from 30 ASCG member companies and organisations came together to discuss about issues arising from the implementation of the new revenue recognition standard.

Having received a summary of the recent developments as regards amendments of the IASB’s and the FASB’s new revenue standards the following topics were discussed by the group:
•    Concepts for the adoption of IFRS 15
•    Process- and IT-related issues of implementing IFRS 15
•    Accounting for incentives as marketing expense or performance obligation under IFRS 15
•    Accounting for bonus schemes in master agreements in the light of IFRS 15
•    Applying the transitional practical expedient on completed contracts on performance obligation level or contract level
•    Reporting experiences from the transition to IFRS 15

Furthermore, the group discussed the ESMA statement 2016/1148 “Issues for consideration in implementing IFRS 15 Contracts with Customers”.
The next meeting of the preparer forum will take place in Darmstadt, on 21 November 2016.