FDM Group

Adoption of IFRS 15 Revenue from Contracts with Customers

IFRS 15 Revenue from Contracts with Customers (IFRS 15) has replaced existing international revenue standards IAS 18 Revenue and IAS 11 Construction Contracts, as well as revenue related IFRIC and SIC interpretations, for periods beginning on or after 1 January 2018.

Croner-i has been tracking the disclosures made in relation to the forthcoming adoption of IFRS 15 through these Common Practice reports. Firstly in March 2018 looking at the disclosure of the impacts of the forthcoming standard in annual reports, and then again in September 2018 when the report focussed on the software and telecommunications industries which were expected to be most impacted.

This report looks at a selection of December 2018 and January 2019 year ends where full year disclosures in relation to the actual adoption of IFRS 15 are being made for the first time. This report covers both the impact of the adoption of IFRS 15, and what disclosures have been made in relation to the adoption.