In September 2014, Mazars created in France the Long Term Contracts Club to enable stakeholders in project-driven industries to get together to discuss the practical impacts of the new IFRS 15 standard on their activities.
The essentials from the Long-Term Contracts Club for the finance function
These sessions gave everyone an opportunity, with the aid of case studies, to analyse the new standard, to compare it with existing practices in their sector and to benchmark their practices against those of other stakeholders.
IFRS 15 will be applicable to periods beginning on or after 1 January 2018, with a requirement to present comparative information from 2017 at least. Endorsement by the European Union is expected during the second quarter of 2016. Early application will then be possible.
2016 is thus an important year in terms of transition!
The following pages will outline the 10 key points identified during sessions of the Long Term Contracts Club. Enjoy your reading!