FRS 115 Revenue from Contracts with Customers is effective for annual periods beginning on or after 1 January 2018 for Singapore companies. The actual impact of the new standard on each company will depend on their specific customer contracts and how they have applied the previous standards. For some it will be a significant shift, and systems changes will be required, while others may see only minor changes.

Comment on the effects of the adoption of the new accounting standard and the issues and discuss the problems encountered by companies in the implementation of the Five-Step model.