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

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.