New revenue recognition standard – Impact to real estate property developers

New revenue recognition standard – Impact to real estate property developers

Aug 2014

In July 2014, the Hong Kong Institute of Certified Public Accountants (“HKICPA”) issued HKFRS 15, Revenue from Contracts with Customers, which is identical to IFRS 15 issued by International Accounting Standards Board (“IASB”). Entities which prepare financial statements in accordance with HKFRS/IFRS need to apply HKFRS/IFRS 15 for financial periods beginning on or after 1 January 2017 (early application permitted).

The standard may result in a significant change on how revenue and costs are recognised for real estate property developers. We have highlighted in this publication a number of key areas and practical examples which are intended to assist entities with a preliminary understanding of the implications of this new standard.

Via http://www.pwchk.com

PwC 出o左本書仔講新 revenue recognition 會對地產商o既收入結轉會有好大影響,稍後要研究同埋總結o下對我o地o黎講有咩機遇同埋灰色地帶。