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AFA

Revenue - Readings

QuestionAnswer
Wagenhofer, 2014 - striving for conceptually consistent standard is undesirable is undesirable because of differences in earnings cycles - revenue from customers = reliable source of income = good portrayer of performance
Wagenhofer, 2014 pt 2 - discrepancies in revenue recognition and when to recognise - IFRS moving to be more principles based - new standard is cost based and conservative
Napier and Stadler, 2020 - new standards may lead to changes in how entitles construct contracts - to appear more or less attractive to outsiders -minimal impact for most companies
Napier and Stadler, 2020 pt 2 - new revenue standard because: inadequate guidance for 21st century (complex contracts) and earning management (financial scandals caused by early revenue recognition)
Onie et al., 2023 - Australian listed companies impact of implementation = immaterial mostly - some firms experienced earnings reduction and value relevance post implementation
Grosu and Socoliuc, 2016 - replacement for outdated rules - key difference in standard is the transfer - IAS 18 = rewards and risks transfer, IFRS 15 = transfer of control - financial reporting, tax planning and contract design implications
Created by: amyperston
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