1. December 2015
On Thursday, 26 November, the ASCG‘s preparer forum on the implementation of IFRS 15 Revenue from Contracts with Customers met for the second time.
During this one-day event, representatives from 35 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:
• Impact of the new control principle on the timing of revenues from delivered goods: Interaction with incoterms?
• Revenue recognition from additional guarantees
• Determination of the stand-alone selling price
• Cloud subscription services & additional services: Identify distinct performance obligations
Furthermore, the group followed up on some aspects from the first meeting.
In 2016, further meetings will take place on a quarterly basis. The date for these meetings will be scheduled in due course.