19. September 2016
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.