What the document covers
Issued in February 2019, the guidance focuses on FY2018 statements and potential reporting misstatements. Publication year and the financial year reviewed are different.
Specific requirements and implications
For one over-time recognition test, an asset must lack an alternative use and the supplier must have an enforceable right to payment for work completed. A non-refundable milestone payment is not necessarily sufficient if it fails to compensate performance to date. Directors should review the actual termination rights and economic substance, rather than assume a long construction period means progressive recognition. The publication also flags financial-instrument and lease changes surrounding that reporting transition.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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