Babcock says IFRS 15 will not need change in contract revenue, profit recognition

Babcock on Monday said the adoption of new accounting rule IFRS 15 would not require a change in contract revenue or profit recognition. IFRS takes effect on January 1, 2018. It "identifies performance obligations in contracts with customers, allocates the transaction price to the performance obligations and recognises revenue as performance obligations are satisfied", Babcock said. The standard requires revenue recognition either "over time" or at a "point in time" and additionally requires ...

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