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The IFRS team at Grant Thornton Australia produces example financial statements to illustrate the application of the requirements in Australian Accounting Standards (AASBs) which incorporate International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB).

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Podcast Getting your house in order - What happens when the COVID support measures end?

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Aged Care Royal Commission Perspectives on the Future of Ageing

Transitions in ageing are not consistent and systematic as they are described by our ageing systems. Sometimes they are incremental, sometimes accidental, sometimes monumental, and they are always personal. We can create something better.

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Biotechnology Industry Position survey Australia's biotechnology industry drives economic growth

The 2019 Biotechnology Industry Position survey conducted by Ausbiotech and supported by Grant Thornton has revealed that new technologies across regenerative medicine and medicinal cannabis are disrupting the industry, and Australia's global strength in clinical trials continues to drive contributions to the economic and social fabric of the country.

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mid-sized business report Manufacturing is critical to our economy – how can we support the sector?

Although the knock-on effects of the Australian automotive industry exiting our country are yet to be fully understood, the industry is evolving, and manufacturing continues to be a major employer and critical to our overall economy.

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NATIONAL OUTCOMES MEASUREMENT PROGRAM A practical framework

Royal Commissions and federal budgets are critical things for Nonprofit human service providers to be thinking about at this point in time.

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mid-sized business report Supporting affordable housing requires planning, certainty – and tax reform

There is a lot of noise around the property sector at the moment – and it’s not all positive. Prices are down – but this shouldn’t be a surprise when some markets (namely Sydney & Melbourne) saw unprecedented hikes in recent years.

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GNC Group Consulting The Technology Trap: Online innovation in retail

I recently attended the NRF Retail Big Show in New York, an overwhelming smorgasbord of retail technology and new store concepts.

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Scaling-up for Growth From start-up to scale-up

Navigating the complexities of growth and maintaining previous success is a challenge for all mid-size businesses.

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Grant Thornton Australia | Audit, Tax and Advisory
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Audio
Real Estate & Construction Webinar Series
Building & Construction: recognition of income

Webinar

Building & Construction: recognition of income

Sian Sinclair 18 Feb 2020

Real Estate & Construction Webinar Series - Building & Construction: recognition of income

This webinar will focus on the key principles for recognition of revenue for property developments and construction contracts.

In recent years we’ve seen the release of AASB 15 “Revenue from Contracts with Customers” and Tax Ruling 2018/3 “Tax treatment of long term construction contracts” (formerly IT 2450). Industry participants and their advisors need to understand the impact these may have on the timing and quantum of their revenue each year.

We will discuss:

AASB 15 – Key issues for Contractors and Property Developers
Construction Contracts – when is the revenue assessable
How to apply the Basic Approach vs the Estimated Profits Approach
When losses are made or projected
Revenue recognition for property developers

Industry specialists Andrew Newman, Sian Sinclair and Tanya Balasekeran will bring you up to date on what you need to know to meet your obligations around revenue recognition.