Question

New revenue accounting standard impact:What is the potential financial statement impact (old vs new) of the new standard.

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

bute cieoted a short quir to uge youn un Ne cTeated a Short quit to aue ou in the Key -teatures ond inplio these new standards Cse " Revenue Recognfi Qui") The Quiy is essentiolley divided into three basic Sectifons : those affected by the Standards , the key featunes and implications fo γ ffnancial analysis, coe'll 9o over each Seetion Sepesately providing the ansupeis a.nd examining the concepts tn ucater detail discu implications of ttion ognrtion 34 tscussing cach of these mportlant questons, coith an emphasis on the changcs to us GAAp uDe hope to proide greater undeistanding and insight inb the new stales and the Potentfol mpact