Adoption of the requirements of the new revenue accounting standard (IFRS 15)

The new standard is designed to account for the fact that in today's world, almost all businesses are introducing innovative revenue generation models such as contracts that include a bundle of goods and services, contingent pricing arrangements, goods or services that are delivered over time, licensing agreements and other complex arrangements.

These models present a challenge to existing accounting and demand a new approach, but adopting the new rules has wide-ranging implications that go well beyond the accounting function.

Revenue underpins and impacts many crucial business and control processes, including budgeting, compensation systems, IT systems and data, controls, key performance indicators and investor metrics.

Transition to IFRS 15 provides a real opportunity to refresh, renew and enhance your revenue processes through adopting the standard. We can help you grasp the opportunity to improve as well as comply. With only a couple of years before the effective date, we can help you:

• Get organised. Provide insights of the impacts across your industry along with tools and techniques to help you get started with implementation
• Understand the impact. An initial high level impact review, followed by a detailed diagnostic to determine how the standard affects your financial picture, your investors, and the way you do business
• Transition and sustain. Develop an approach and action plan that covers all aspects of your project from inception to transition, and establish a robust governance structure with agreed project and change management protocol