Question

New revenue accounting standard impact: • What is the potential impact (old vs new) on their revenue recognition of the new standard on the company. It would be better if you provide the resources, websites are enough

Answer 1

-the e aols annual Teporting perfod cofil ma istf of tmplementation of the nea Tevenue Tecognilion Tules, Revenues from сонь customers,for public companies. The ne ules cou Soon be tn effectfor privote compon e Ond Yemainioa entittcs as coell sin Ce Tevenue Is pertbaps the most important numbei in a Compony's firancial Statements , Hs Critical tS ac that financial onolysls, manage1s o Statement cuseis undeistand the tmpact of the neuo quidance issued by the Fnancial cuntin stondarde Bood CFAsB) as Accounting Standards cadlfication CASO 606 and by the foternational Accounti staodayds Boa1ds CIRSB) os intenational financial Reportin Stordords CIFRS) 15, there ω Standards Contain a number a stqniftcant changcs thot impoct the ooys companics account fo Ycvenue The motiuation-for the chanqes is to remove inconsisteociesand

ments and provide a mote γ0bust -frome cork for add esstng revenue issues e neuw Standaids should mprove -lhe acıos6 γeportina entities, industies , Juĩiedictions toformotio to nvestors and extenal actices nilion Pr and caprtal morkets and piovide beueT of financial ioformation by Emproving dig closute lequtiements In line woith a princtples based opprooch ithere's and otequtements componies necd to Jlcfer -to ptd also a Yeduction tn the number of standaids Lohen ensuring Compl'ance coith Generally ACCe Accounting principles Cnap) unde IFRS, Com hove used a prindples-based modcl and ove accusto med to this accounting -framecooTk under piio1 Codffi mpanics po coded standards, 0-SAA (wo uleç based. So moving o.s-GAAP tocoad prtnciples- based model is a big shif Jud plays a much laiger lble n the application ment Standar