China and HK hit hard by new IFRS 15 sales and revenues standards
New IFRS 15 revenue reporting standards update international practices for reporting revenue on bundled sales and projections, particularly effecting China and Hong Kong companies.
The International Accounting Standard Board (IASB) published its new standards for reporting revenue in financial statements, IFRS 15 'Revenue from Contracts with Customers', on May 28. In congruence, the US-based Financial Accounting Standards Board (FASB) published its equivalent revenue standard, ASU 2014-09 'Revenue from Contracts with Customers' (Topic 606).
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