Applying IFRS - Asset Management - EY

Applying ifrs in Asset ManagementThe new revenue recognition standard - Asset managementJanuary 20151 January 2015 The new revenue recognition standard Asset managment Overview Fund managers may need to change their revenue recognition policies and practices as a result of the new revenue standard ifrs 15 Revenue from Contracts with Customers jointly issued by the International Accounting Standards Board (the IASB) and the Financial Accounting Standards Board (the FASB) (collectively, the Boards). ifrs 15 will supersede virtually all revenue recognition standards in ifrs and US GAAP, including any industry-specific requirements that fund managers may use today. ifrs 15 specifies the accounting treatment for all revenue arising from contracts with customers. It affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are in the scope of other ifrs requirements, such as IAS 17 Leases or IAS 39 Financial Instruments: Recognition and Measurement).

Applying IFRS in Asset Management The new revenue recognition standard - asset management January 2015

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