Application of IFRS 15 to Miners
27 September 2018
It is reasonable to say that the mining sector is far less impacted by IFRS 15 Revenue from Contracts with Customers than sectors such as telecoms, software, construction and indeed mining service companies.
However, it is wrong to assume that miners are not impacted by this new standard and mining companies need to consider potential impact areas.
To analyse IFRS 15, it is necessary to consider whether the contract is within the scope of the standard and the five key steps in application of the standard.