The international financial reporting standards (IFRS) is Australia’s governing body for revenue services, and they are implementing new standards in 2018 that any company in Australia should be aware of. The IFRS is implementing a new mechanism to determine what is revenue, and how to report, and it works using a five-step model. This change will dramatically change the way companies report their revenues. The ultimate goal of the new IFRS standards is to simplify corporate accounting and make reporting revenues an easier task.
Read more: New “triple threat” accounting standards for businesses
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