14. March 2016
On Thursday, 11 March, the ASCG‘s preparer forum on the implementation of IFRS 15 Revenue from Contracts with Customers met for the third 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:
• Aggregation of disclosures according to IFRS 15 in the notes
• Applying the simplified accounting principles of IFRS 15.B16
• Choice of the transition method towards IFRS 15
• Contract Assets: Impairment and disclosures under IAS 39 / IFRS 9 / IFRS 7
• Customer-specific batch production – recognising revenue point-in-time vs. over-time and revenue recognition under consignment arrangements
In 2016, further meetings will take place on a quarterly basis. The dates for these meetings are scheduled as follows:
• 4th meeting: Wednesday, 08.06.2016 in Berlin
• 5th meeting: Tuesday, 13.09.2016 in Munich
• 6th meeting: Monday, 21.11.2016 in Darmstadt