Ann: Company appointment of new Chairman, page-25

The new accounting standard doesn't change much TBH. It just much tighter in terms of what you can/cannot do, removing any grey areas. Most companies (including BIG) have already been using it as far as I can tell.


From BIG perspective, revenue should be recognised over the term of each contract, starting when customer first receives the service (contract start date). I believe that's what they have been doing, hence the deferred income on balance sheet and recognising revenue over 12 month period.

Note this accounting standard is only in relation to the financial accounts. It has no bearing on what gets reported in the quarterly cashflow reports.

Summary for anybody interested... https://www.pwc.com.au/ifrs/new-standard-revenue-recognition.html