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12 May. 2016

Clarifications to AASB 15

Having difficulty identifying a performance obligation under AASB 15 Revenue from Contracts with Customers? The AASB has issued AASB 2016-3 Amendments to Australian Accounting Standards – Clarifications to AASB 15, clarifying how to identify a performance obligation. 

The amendments also clarify some other requirements in AASB 15 and include additional practical expedients on transition to AASB 15.

The requirements apply to annual periods beginning on or after 1 January 2018.