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What is AASB 15?

AASB 15 will affect many industries and is one of the most sweeping set of new regulations seen in the last decade. The new standard goes into effect on January 1st, 2018 and takes a new approach to how revenue is reported with customer contracts and services that are carried out over an extended period of time. For companies that rely on manual solutions, complying with AASB 15 will require a comprehensive overhaul that will affect all aspects of the business, including finance, sales, operations and services & IT. AASB 15 will affect entities across many industries in several different ways, including:

  • Taxable income and deferred tax
  • Remuneration schemes
  • KPI’s for sales staff who are commissioned for contract sale
  • Long-term contract negotiations, banking covenants and forecasts
  • Public companies: Governance issues for non-compliant financials
  • Private companies: Knock back from banks for non-compliance

What’s the risk to your business for non-compliance?

Learn more about AASB 15

Learn exactly how AASB 15 will affect your organisation. Fill in the form below to get access to our exclusive Resource Centre, and learn more about how this standard will affect you.

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How can Netsuite help?

NetSuite’s new Advanced Revenue Management (ARM) solution provides a streamlined approach to ensuring compliance with AASB 15. Companies can close off their books each month with the confidence and peace of mind that their revenue numbers are compliant with the complexities of AASB 15.

Three key benefits of NetSuite’s Advanced Revenue Management

1

Compliance with Evolving Standards

Comply with industry guidance and mandates for today and tomorrow. NetSuite’s Advanced Revenue Management works seamlessly with Multi-Book Accounting to account for a single transaction under multiple standards.

2

Real-time Revenue Intelligence

Analyse actual revenue impacts and forecasts that dynamically respond to actual postings to give an updated expected revenue picture for future periods – all with the ability to drill back into the source sales document or transaction.

3

Agile Configuration

Break free from the shackles of myopic financial solutions with a robust and nimble framework that supports your revenue management needs from end-to-end.

Learn more about how NetSuite can help you become AASB 15 compliant in our AASB 15 Resource Centre ›

Netsuite’s 5-Step Model

for Revenue Recognition

NetSuite’s Advanced Revenue Management solution helps companies comply with AASB 15 and report financial results in a timely manner. The solution automates revenue forecasting, allocation, recognition, reclassification and auditing through a rule-based event handling framework. Whether your business conducts sales transactions that consist of products or services, or both, and, whether these transactions occur at a single point in time across different milestones, NetSuite’s revenue recognition solution will help you schedule, calculate and present revenue on your financial statements accurately.

01

Identify a contract

02

Identify the performance obligations

03

Establish the transaction price

04

Allocate the transaction price to performance obligations

05

Recognise Revenue

Find out more about the five-step process in our AASB 15 Resource Centre ›

Request an AASB 15 IMPACT ASSESSMENT from NetSuite

Our NetSuite specialists are on hand to guide you through the process of making sure you prepare for AASB 15 and understand more about how the new standard will affect your business.

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