IFRS 15 Revenue from contracts with customers: Reporting alert

Make sure your accounting and reporting systems are up to date with this reporting alert on International Financial Reporting Standard (IFRS) 15 Revenue from Contracts with Customers.

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CPA Canada Reporting Alert: IFRS 15 Revenue from Contracts with Customers highlights the basic requirements of IFRS 15, considers possible business implications and suggests an action plan to implement the standard.

Key features and significance of IFRS 15

This document summarizes the essential aspects and implications of IFRS 15, and answers the following questions:

  • Why does IFRS 15 matter to me?
  • When is IFRS 15 effective?
  • What are the transitional requirements?
  • What are the basics of IFRS 15?
  • What are the five steps in the new revenue model?
  • How are the costs associated with obtaining and fulfilling a contract recognized?
  • What new disclosure requirements are required?
  • How do the proposed changes affect my business?
  • What's my action plan?
  • What resources are available to help me?

How will IFRS 15 impact your organization?

Gain a better understanding of how IFRS 15 may affect your organization, including:

  • systems and process
  • data collection
  • key performance metrics
  • contractual arrangements
  • communications with investors

Successfully adopt IFRS 15

Find practical tips and ideas for how to prepare an IFRS 15 implementation plan, including:

  • specific milestones
  • data gathering considerations
  • other implementation recommendations