Revenue for Telecoms

Revenue for Telecoms – Issues In-Depth | 7
Putting the new standard into context |
Guidance referenced in this publication
This publication considers the requirements of IFRS 15 Revenue from Contracts
with Customers and FASB ASU 2014 09, Revenue from Contracts with Customers
(FASB ASC Topic 606), originally published jointly in May 2014, and subsequently
amended for clarifications. This publication reflects the amendments to FASB ASC
Topic 606 made by ASU 2016-08, Principal versus Agent Considerations (Reporting
Revenue Gross versus Net), ASU 2016-10, Identifying Performance Obligations and
Licensing, and ASU 2016-12, Narrow Scope Improvements and Practical Expedients.
This publication also includes, as Future developments, discussion of other FASB
standard-setting projects and technical correction proposals that may further clarify
certain requirements.
For specific provisions of the revenue recognition guidance, KPMG summarizes
the requirements, identifies differences between IFRS and US GAAP, and identifies
KPMG’s observations. Neither this publication nor any of KPMG’s publications should
be used as a substitute for reading the standards and interpretations themselves.
References in the left hand margin of this publication relate to guidance issued
as at September 1, 2016. Future developments are based on information as at
September 1, 2016 and may be subject to changes.
Reference should be made to Issues In-Depth, Edition 2016 for the following
information:
– Authoritative portions of the new standard;
– Guidance replaced by the new standard; and
– Summary of key differences between IFRS and US GAAP.
SEC guidance
This publication contains comparisons to current US GAAP, including the SEC’s
guidance on revenue recognition. 2 Although the new standard supersedes
substantially all of the existing revenue recognition guidance issued by the FASB and
included in the Codification, it does not supersede the SEC’s guidance for registrants.
The SEC has rescinded certain observer comments and will continue to evaluate its
guidance and determine which guidance may be relevant under the new standard,
requires revision or will be rescinded.
2. SEC Staff Accounting Bulletin Topic 13, Revenue Recognition, available at www.sec.gov.
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independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.
© 2016 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
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