The new IFRS 15 ‘Revenue from contracts with customers’ standard became applicable for the 2018 year, and so all companies should be applying the new recognition and measurement criteria for revenue in their December 2018 financial statements and complying with the new disclosure requirements.
The bulletin summarises the key changes from 2018 under the new revenue and financial instrument accounting standards that management and boards need to be aware of.
This technical bulletin reinforces the main requirements of the new IFRS 15 ‘Revenue from contracts with customers’ standard, identifies some of the key considerations and questions management and boards should be asking and highlights some of the main industries and types of transaction that will be impacted.
This publication relates to financial reporting requirements impacting PNG entities, and IFRS standards and interpretations as at 30 June 2017.
This publication relates to financial reporting requirements impacting on PNG entities as at 31 December 2015. It highlights the IFRS standards and interpretations issued as at 25 January 2016 and other topical accounting issues that PNG entities should consider in their 2015 reporting.
The new accounting standard for leases (IFRS 16 - "Leases)" becomes applicable for reporting periods beginning on or after 1 January 2019. The attached IFRS 16 In-depth publication includes detail discussions of the new lease accounting requirements for lessees' and lessors.
On 13 January 2016, the International Accounting Standards Board ("IASB") published the new leases standard (IFRS 16), which will be effective on 1 January 2019. The new standard fundamentally changes the accounting for lessees and will have a significant impact on many companies across various industries.
