Transitioning to the new revenue standard

Transitioning to the new revenue standard – what are your options?

There are three ways you can transition when first applying AASB 15 Revenue from Contracts with Customers:

  • Retrospective method
  • Retrospective method with (any or all of the four) practical expedients, or
  • Cumulative effect method.

Given that transition date for the new revenue standard is only a year away for entities with 31 December year ends, we recommend that you start planning your transition process now as there is a significant amount of work required to determine the impact of each of these transition methods.