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New Accounting Principle: IFRS 15

Hello Colleagues,

Due to the introduction of new IFRS15 in our company; we will be using the same accounting principle in SAP.

Thus we will have to replace the old accounting principle with IFRS15.

We are planning to use parallelly existing accounting principle and new IFRS15 and once we will go live with IFRS15 we will stop the old accounting principle.

I understand that we will have to use multiple set of books. IS this correct?

What will be the process of implementing it?

Best Regards,

Piyush

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  • Best Answer
    Posted on Jul 19, 2016 at 10:10 AM

    Hi Piyush,

    There are plans to support IFRS15 in ByD when it becomes relevant in early 2018, currently we do not have a approach to manage both IFRS 15 and an older accounting principle.

    However there are certain discussions lined up on this topic and when ever I have some new information on this, I will update this thread again.

    Thanks

    Lokesh Sharma

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  • Posted on Aug 10, 2016 at 10:19 AM

    Hello Piyush,

    IFRS 15 is a new accounting standard within the regular IFRS. It is not a new accounting principle. In case you want to implement two set of books, please do this before going live. A later addition of a new set of books is not possible.

    Best regards,

    Thomas

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