Business, 01.09.2021 01:40, Bucsan8688

When IFRS 15/AASB 15 Revenue from Contracts with Customers was released, the accounting firm BDO issued a short document entitled IFRS Industry Issues: Construction & Real Estate. In the document they stated: The adoption of IFRS 15 may lead to significant changes in the pattern of revenue and profit recognition. Careful consideration and planning will be needed for a range of issues, including the effect on:

• Compliance with bank covenants; and
• Performance based compensations

Required:

Explain the possible reasoning behind the advice above.

Answers: 2

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When IFRS 15/AASB 15 Revenue from Contracts with Customers was released, the accounting firm BDO iss...