IFRS Implementation Guide: IFRS 15 Revenue from Contracts with Customers

Category: IFRS

IFRS Implementation Guide: IFRS 15 Revenue from Contracts with Customers

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FRS 15 Revenue from Contracts with Customers and ASC 606 Revenue from Contracts with Customers replace all existing revenue recognition guidance under IFRS and United States’ Generally Accepted Accounting Principles (US GAAP), respectively. Many IFRS users have previously referred to US GAAP in the absence of specific IFRS revenue guidance. The new IFRS 15 and ASC 606 move away from the industry, and transaction, specific requirements previously provided in US GAAP to a more robust and comprehensive framework, applicable to all revenue contracts with customers.

The impact of this new standard varies depending on what guidance was used in the past and the industry the business is operating in. Entities must obtain a good understanding of IFRS 15 and its new model before they can determine the impact on their financial records.

This guide summarizes key aspects of IFRS 15 and should be applied in conjunction with the complete IFRS 15 standard.

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.