17 Jul 2018 adoption of the new accounting standard IFRS 15 / AASB 15. These slides IFRS 15 is the international standard for “Revenue from Contracts with 1. Non- current liabilities. 15. 43. Total liabilities. 127. 259. Net assets. 195. 1 Nov 2018 The new revenue standard, AASB 15 Revenue from Contracts with or a contract liability arising from a contract with a customer (AASB 15) 

AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of and measurement of financial assets and liabilities on transition to AASB 9. 14 Jan 2019 AASB 9 'Financial Instruments' and AASB 15 'Revenue from Contracts liabilities) and deferred tax liability (the tax effect on contract assets,  INTRO. IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII. Liabilities. Current liabilities Due to the adoption of 'AASB 15 Revenue from Contracts with Customers' in the  15 Nov 2018 AASB 15 is based on IFRS 15, which was written for the for-profit sector. performed as a contract liability at balance date, and then recognise  IFRS 15, Revenue from contracts with customers (“IFRS 15” or “the new standard ”) received from a customer is recognised as a liability where a contract with a.

15 Nov 2018 AASB 15 is based on IFRS 15, which was written for the for-profit sector. performed as a contract liability at balance date, and then recognise 

20 Jul 2018 Revenue (AASB 15) and Income for NFPs (AASB 1058). Leases (AASB 16) contracts. Reporting entities/. SPFRs. AASB 9 Financial. Instruments. RDR When is there an obligation / liability (for deferral of revenue)?. AASB 15 5 CONTENTS Australian Accounting Standard AASB 15 Revenue from Contracts with Customers is set out in paragraphs 1 – 129 and Appendices A – C. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in the Standard. If financial instruments are involved it may be that after you have recognised any financial assets or liabilities at fair value, there is nothing left to be scoped into AASB 15. If leases are involved, once you have adopted the new leases standard, that standard tells you to use the normal ‘standalone selling price’ principles in the revenue standard to allocate revenue between the lease and revenue component. The revenue model under AASB 15 is based on the premise that a contract asset or contract liability is generated when either party to a contract performs, depending on the relationship between the entity’s performance and the customer’s payment at the reporting date. Contract liability. Contract liability is recognised when a payment for customer is due (or already received, whichever is earlier) before a related performance obligation is satisfied (IFRS 15.106). See the example below. Example: contract liability and trade receivable AASB 15 only applies where a contract exists and where that contract is with a customer [AASB 15.6]. A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity’s ordinary activities in exchange for consideration. AASB 15 is not merely a financial reporting issue. Entities need to consider: Systems •Impact on IT systems, data capture accounting policies, internal controls. Commercial Impact on long term contract negotiation, banking covenants, forecasts. Managing stakeholders Shareholders, financiers, regulators, board audit committee, customers. Taxation

20 Jul 2018 Revenue (AASB 15) and Income for NFPs (AASB 1058). Leases (AASB 16) contracts. Reporting entities/. SPFRs. AASB 9 Financial. Instruments. RDR When is there an obligation / liability (for deferral of revenue)?.

Contract assets and liabilities AASB 15 uses the terms ‘contract asset’ and ‘contract liability’ to describe what is commonly known as ‘accrued revenue’ and ‘deferred revenue’. Contract receivables represent receivables in respect of which the Group’s right to consideration is unconditional subject only to the passage of time. AASB 15 Revenue from Contracts with Customers, replaces existing accounting guidance and introduces a comprehensive revenue recognition model aimed at enhancing comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. Lease in scope of AASB 16. Maintenance in scope of AASB 15. Yes . AASB 16 has measurement guidance that refers back to AASB 15 allocating transaction price. Allocate based on relative standalone selling price* N/A. No . Yes . Residual amount of $400* for maintenance in scope of AASB 15. Exclude $1,600* No *

Unlike AASB 111, AASB 15 does not contain specific requirements relating to loss-making contracts. Rather, the requirements of AASB 137 Provisions, Contingent Liabilities and Contingent Assets are applied, which requires a provision for an onerous contract to be recognised.

17 Jul 2018 adoption of the new accounting standard IFRS 15 / AASB 15. These slides IFRS 15 is the international standard for “Revenue from Contracts with 1. Non- current liabilities. 15. 43. Total liabilities. 127. 259. Net assets. 195. 1 Nov 2018 The new revenue standard, AASB 15 Revenue from Contracts with or a contract liability arising from a contract with a customer (AASB 15)  30 Jun 2018 financing liabilities and related financial assets. (if any). 89 AASB 2016-2 – Example Reconciliation AASB 15 Revenue from Contracts with. 20 Jul 2018 Revenue (AASB 15) and Income for NFPs (AASB 1058). Leases (AASB 16) contracts. Reporting entities/. SPFRs. AASB 9 Financial. Instruments. RDR When is there an obligation / liability (for deferral of revenue)?. AASB 15 5 CONTENTS Australian Accounting Standard AASB 15 Revenue from Contracts with Customers is set out in paragraphs 1 – 129 and Appendices A – C. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in the Standard. If financial instruments are involved it may be that after you have recognised any financial assets or liabilities at fair value, there is nothing left to be scoped into AASB 15. If leases are involved, once you have adopted the new leases standard, that standard tells you to use the normal ‘standalone selling price’ principles in the revenue standard to allocate revenue between the lease and revenue component. The revenue model under AASB 15 is based on the premise that a contract asset or contract liability is generated when either party to a contract performs, depending on the relationship between the entity’s performance and the customer’s payment at the reporting date.

28 May 2014 Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result 

INTRO. IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII. Liabilities. Current liabilities Due to the adoption of 'AASB 15 Revenue from Contracts with Customers' in the  15 Nov 2018 AASB 15 is based on IFRS 15, which was written for the for-profit sector. performed as a contract liability at balance date, and then recognise  IFRS 15, Revenue from contracts with customers (“IFRS 15” or “the new standard ”) received from a customer is recognised as a liability where a contract with a. c) the use by others of entity assets yielding interest, royalties and dividends. Replaced by AASB 15 Revenue from Contracts with Customers for periods. 21 Feb 2019 gift card breakage in the half year and adjusted for AASB 15, normalised profit would Contingent liabilities and contingent assets. 41 The Group has adopted AASB 15 Revenue from Contracts with Customers and AASB 9  14 Feb 2019 The financial assets subject to the new impairment requirements also include contract assets arising under AASB 15: 'Revenue from. Contracts  28 May 2014 Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result 

14 Jan 2019 AASB 9 'Financial Instruments' and AASB 15 'Revenue from Contracts liabilities) and deferred tax liability (the tax effect on contract assets,  INTRO. IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII. Liabilities. Current liabilities Due to the adoption of 'AASB 15 Revenue from Contracts with Customers' in the  15 Nov 2018 AASB 15 is based on IFRS 15, which was written for the for-profit sector. performed as a contract liability at balance date, and then recognise  IFRS 15, Revenue from contracts with customers (“IFRS 15” or “the new standard ”) received from a customer is recognised as a liability where a contract with a. c) the use by others of entity assets yielding interest, royalties and dividends. Replaced by AASB 15 Revenue from Contracts with Customers for periods. 21 Feb 2019 gift card breakage in the half year and adjusted for AASB 15, normalised profit would Contingent liabilities and contingent assets. 41 The Group has adopted AASB 15 Revenue from Contracts with Customers and AASB 9  14 Feb 2019 The financial assets subject to the new impairment requirements also include contract assets arising under AASB 15: 'Revenue from. Contracts