IFRS industry insights: The Revenue Recognition Project
An update for the telecommunications industry
With the convergence of US GAAP and IFRS, one of the key projects nearing completion is a new jointly drafted accounting standard for revenue recognition. Along with the construction industry, the TMT sector will be one of the most heavily affected due to the bundling of services and products provided to customers. While the standard is not yet finalised, the attached briefing gives our view on how the new standard will affect Irish telecommunication firms and the issues they will need to consider.
Please do not hesitate to contact a member of the TMT team with any queries you might have.