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Grant Thornton looks at the potential impact of IFRS 15 'Revenue from Contracts with Customers' for revenue recognition in the construction industry.

Outsourcing remains widely utilized by businesses across both sides of the Atlantic. The UK is seeing increasing utilization of outsourcing services across a number of industries, including the IT, HR, tax, and finance and accounting (F&A) functions within companies. And a recent survey shows that this continues to be attractive to companies within the USA, UK and EU.

After more than five years in development the IASB and FASB have at last published their new, converged Standard on revenue recognition – IFRS 15 ‘Revenue from Contracts with Customers’. IFRS 15 replaces IAS 18 and IAS 11 and will affect almost every revenue-generating entity that applies IFRSs. We applaud the two Boards for delivering a converged Standard in this critical area.

Two in five mid-market businesses around the world either currently outsource a back-office process, or plans to in the near future.

This publication guides management through the top 20 disclosure and accounting issues identified by Grant Thornton as potential challenges for IFRS preparers.

This publication summarises the overall objectives and requirements of IAS 36, provides a step-by-step guide to performing an impairment assessment (including recording or reversing an impairment when necessary) and offers insights on best practices to address interpretative and practical application issues.

IAS 39 ‘Financial Instruments: Recognition and Measurement’, the previous Standard that dealt with hedge accounting, was heavily criticised for containing complex rules which either made it impossible for entities to use hedge accounting or, in some cases, simply put them off doing so.

This guide includes practical guidance on the detection of intangible assets in a business combination and also discusses the most common methods used in practice to estimate their fair value. It provides examples of intangible assets commonly found in business combinations and explains how they might be valued.