A post-implementation review of IFRS 15
Date
2023
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
University of the Witwatersrand, Johannesburg
Abstract
The purpose of this study is to explore the financial reporting implications of South Africa’s adoption of IFRS 15. This paper looks specifically at the usefulness of IFRS 15 in comparison with IAS 18, IAS 11 and its related interpretations from the perception of Chartered Accountants (SA) in South Africa. The research adopted a quantitative method using a survey. Primary data collected from 109 completed survey responses received from auditors, academics regulators, users of financial statements and preparers to evaluate whether IFRS 15 is more useful than the previous revenue standards. The findings suggest that the implementation of IFRS 15 has achieved the objectives set out by the IASB for issuing the new revenue standard. This has resulted in IFRS 15 providing more useful information than IAS 18 and IAS 11 as South African CA(SA)’s perceived IFRS 15 to improve the fundamental and enhancing qualitative characteristics of useful information. There are drawbacks to the implementation of IFRS 15 being high costs and the risk of incorrect application of IFRS 15. The findings also reveal that it is too complex to determine if IFRS 15 has reduced the opportunity for management bias or manipulation. This paper contributes to the accounting literature on the usefulness of new accounting standards from the perspective of Chartered Accountants (SA) in South Africa
Description
A research report submitted in partial fulfilment of the requirements for the degree of A Master of Commerce (Accountancy) University of the Witwatersrand 2023
Keywords
Financial reporting implications, Chartered Accountants (SA), South African CA, UCTD
Citation
Govender, Brentin. (2023). A post-implementation review of IFRS 15 [Master’s dissertation, University of the Witwatersrand, Johannesburg]. WireDSpace. https://hdl.handle.net/10539/38723