First meeting of the ASCG‘s preparer forum on the implementation of IFRS 15

On Tuesday, 22 September, the ASCG‘s preparer forum on the implementation of IFRS 15 Revenue from Contracts with Customers met for the first time.

During this one-day event, representatives from 35 ASCG member companies and organisations came together to discuss about issues arising from the implementation of the new revenue recognition standard.

After an overview of the proposed clarifications of IFRS 15 in the Exposure Draft ED/2015/6 the following topics were discussed by the group:
•    Separating performance obligations from guarantees promised without charge
•    Recognition of revenue and receivables from the delivery of goods or services in the case of volume discounts
•    Assets from  rights to recover products
•    Accounting for arranging-a-service business models

Furthermore, Christoph Huetten, member of the Transition Resource Group, informed about background, objectives and recent activities of that group first hand.

The meeting of the forum was very well received by its members and considered to be value-adding and useful. The next meeting is scheduled for November this year.