AASB15 accounting standards implemented
Published on 12th October 2016

DB Results helped a global legal services firm to become the first Australian listed company to implement the new global accounting standard AASB15/IFRS15.

First Australian implementation of new AASB15 accounting standards for iconic legal services company

DB Results were invited to lead a significant change program. We helped a global legal firm to become the first Australian listed company to implement the new international financial reporting standards IFRS15. The standard is known in Australia as Australian Accounting Standards Board 15 (AASB15). Although the compliance date for this new standard is 1st January 2018, our customer opted to demonstrate a common, open and compliant set of accounting practices for its FY2016 first half year, by implementing the new standards immediately.

DB Results’ challenge was to implement AASB15 across multiple entities, in both Australia and the UK, within demanding timeframes.

Swift implementation across the globe

This project had a diverse and geographically dispersed set of stakeholders. Unfolding market events put significant pressure and spotlight on the firm’s financial compliance. Our critical project focus was to deliver an outcome that could assist in assuaging these market events.

DB Results provided the stakeholder skills and delivery frameworks that enabled the teams to come together. There was a high level of drive and communication. We defined a change and implementation road map and quickly mobilised and empowered a business team, working together with the executive.

DB Results’ sound delivery management enabled the executive stakeholders, the geographically dispersed business subject matter experts (SMEs), the Accounting Advisory Services and the Corporate Auditor to work together to deliver accounting practices across the group that are AASB15 compliant.

Leading AASB15 Compliance

The AASB15 project successfully implemented the new processes, guidelines and algorithms to achieve financial year 2016 half year close for this iconic law firm. This is one of the first AASB15 implementations in Australian and global accounting IFRS15 implementations across the world.

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