Aasb 15 Analysis

Qantas, like other Australian companies will have to shift to AASB 15 regulations when they come into effect in 2018. The regulations set guidelines for recognition of revenues. Indeed, it requires that revenues are recognized in a way that it is representative of goods/services that an entity has promised to transfer to consumers on basis of values that reflect the entity’s expectations in return for the goods/services supplied. a) Outline how companies are required to account for revenue under the new AASB 15;
The regulation sets a 5-step procedure for recognition the revenues as suitable for inclusion in financial statements. The steps are discussed.
Identification of a contract with respective clients
The AASB 15 defines performance