Question: Access AASB 15 (https://www.aasb.gov.au ). Click on Table of Standards For instance, AASB 15 is entitled Revenue from Contracts with Customers. Explain what the main
Access AASB 15 (https://www.aasb.gov.au ). Click on "Table of Standards"
For instance, AASB 15 is entitled "Revenue from Contracts" with Customers.
- Explain what the main objectives are in the standards?
| The disclosure requirements of the AASB 15 say that businesses must include sufficient information in their financial statements. This assists users of the financial statements in understanding the amount, timing, and certainty of the money coming in from contracts with customers. |
- With respect to AASB 15 review whether it is still the most relevant requirement. If it is, how did you prove this? If it isn't still relevant, what is the new requirement?(i.e. a Google search will give you this information).
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