The financial communication of European companies - A dive into the expected impacts of IFRS 15
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The financial communication of European companies
The new IFRS 15 on revenue recognition came into effect on 1 January 2018. It replaces IAS 11 on construction contracts and IAS 18 on the sale of goods and rendering of services, and all the associated interpretations.
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Conversion to international accounting standards
With the prevailing trend towards bringing the accounting in consolidated and separate financial statements into line, transitioning to IAS/IFRS is growing in importance. To enhance the clarity and efficiency of reporting, many companies are also opting to adapt their internal accounting to the principles of external financial reporting in accordance with IFRS.