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

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