AASB 15 The core principle of AASB 15 requires an entity 1-Jan-18 The changes in revenue Revenue from to recognise revenue when the entity satisfies a recognition requirements in Contracts with performance obligation by transferring a AASB 15 may result in changes to Customers promised good or service to a customer. the timing and amount of revenue recorded in the financial statements. The Standard will also require additional disclosures on service revenue and contract modifications. AASB 2014-5 Amends the measurement of trade receivables 1 Jan 2017, The assessment has indicated Amendments to and the recognition of dividends. except that there will be no significant Australian amendments impact for the public sector. Trade receivables, that do not have a significant Accounting to AASB 9 financing component, are to be measured at Standards (Dec 2009) their transaction price, at initial recognition. arising from and AASB 9 AASB 15 (Dec 2010) Dividends are recognised in the profit and loss apply from only when: 1 Jan 2018 the entity’s right to receive payment of the dividend is established; it is probable that the economic benefits associated with the dividend will flow to the entity; and the amount can be measured reliably. AASB 2015-8 This Standard defers the mandatory effective 1-Jan-18 This amending standard will Amendments to date of AASB 15 from 1 January 2017 to 1 the application period of AASB 15 Australian January 2018. for for-profit entities to the 2018-19 Accounting reporting period in accordance Standards with the transition requirements. – Effective Date of AASB 15
AASB 15 Revenue from Contracts with Customers The core principle of AASB 15 requires an entity to recognise revenue when the entity satisfies a performance obligation by transferring a promised good or service to a customer. 1-Jan-18 The changes in revenue recognition requirements in AASB 15 may result in changes to the timing and amount of revenue recorded in the financial statements. The Standard will also require additional disclosures on service revenue and contract modifications. AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15 Amends the measurement of trade receivables and the recognition of dividends. Trade receivables, that do not have a significant financing component, are to be measured at their transaction price, at initial recognition. Dividends are recognised in the profit and loss only when: the entity’s right to receive payment of the dividend is established; it is probable that the economic benefits associated with the dividend will flow to the entity; and the amount can be measured reliably. 1 Jan 2017, except amendments to AASB 9 (Dec 2009) and AASB 9 (Dec 2010) apply from 1 Jan 2018 The assessment has indicated that there will be no significant impact for the public sector. AASB 2015-8 Amendments to Australian Accounting Standards – Effective Date of AASB 15 This Standard defers the mandatory effective date of AASB 15 from 1 January 2017 to 1 January 2018. 1-Jan-18 This amending standard will the application period of AASB 15 for for-profit entities to the 2018-19 reporting period in accordance with the transition requirements.