One of the biggest changes to accounting in recent memory is coming to a set of financial statements near you ... Talked about either with grave concern or great joy ... What is known as AASB 15 Revenue from Contracts with Customers!
This new standard represents a cosmic shift in the timing of recognition of income for all organisations. If you have not yet understood this, then you should do so as a matter of priority. We are already into the first comparative period where you will have to apply this standard!
Much has already been written, and even a quick internet search will provide volumes of information. Some of our top picks are: