IFRS 15 and COVID-19: don’t roll the dice on revenue estimates (Part 2)

In my last blog, we discussed how the coronavirus outbreak impacts contract modifications and the existence of a customer contract. As promised, in this article we will take a closer look at how to deal with revenue estimates and revenue related assets in light of the current pandemic. Variable consideration The first thing that comes to mind when thinking of […]

IFRS 15 and Covid-19: what to consider when it comes to revenue recognition (Part 1)

2019 marks only the second year that companies have had to report their revenues under IFRS 15. Some issuers may still be unfamiliar with it and now have to face the challenge of complying with it in the current market conditions. IFRS 15 is extremely detailed with plenty of aspects that issuers need to take into account. In this article, we will walk you throug […]

IFRS 15: key findings from year one

In my previous article on IFRS 15, we examined the European regulator’s (ESMA) revenue disclosure expectations for the next set of annual financial statements. With the holidays finally behind us, the time has come to start preparing 2019 annual reports. What better occasion to learn from past mistakes? The UK Financial Reporting Council (FRC) recently publ […]

CSSF focus for 2020

Just before issuers and auditors started winding down for the festive season, the CSSF published its enforcement priorities for 2020. Recently issued IFRS 9, 15 and 16 were among the points at the top of the agenda – no surprises there, right?! Let’s take a look at what’s at the top of the CSSF’s agenda for the year ahead… IFRS 16 Lease The C […]

IFRS 15: corporate issuers have their work cut out for them

IFRS 15: corporate issuers have their work cut out for them Great efforts have been made by companies to implement IFRS 15 (“Revenue from Contracts with Customers”) in their first set of annual financial statements. It’s been a busy year especially for corporate sector issuers which were particularly impacted by the standard. The road to the next fi […]

Credit loss disclosures: challenges for banks

This summer I attended the IFRS Foundation Conference in London, looking forward particularly to a session on IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers. This panel was chaired by Mary Tokar (IASB Member and former global leader of the KPMG International Financial Reporting Group), who has not only excellent technical knowledg […]