Inergy Power Group Limited (Inergy), an Indonesian company listed in the Lion City, once had a market capitalisation of over $360 billion in March 2015 but had been voluntarily suspended from trading in the stock exchange since 20 May 2015. On 28 May 2015, the Monetary Authority of the Lion City (MAL) announced that a formal investigation into the affairs of Inergy had been launched. On 15 July 2015, the Lion City Stock Exchange announced that MAL exercised its statutory power to direct it to suspend all dealing in the shares of Inergy.

In 2013 and 2014, Inergy derived revenue of $3.3 billion and $9.6 billion and profit of $2 billion and $3.3 billion respectively. The contract revenue of these two years amounting to $3.2 billion (97% of 2013s revenue) and $6 billion (63% of 2014s revenue)) was derived from related parties, i.e., the controlling shareholder and its affiliates. At the year ended 31 December 2013 and 2014, Inergys amounts due from its controlling shareholders and affiliates included in trade receivables were $2.3 billion and $4.3 billion respectively.

The 2015 final result of Inergy was announced on 31 March 2016 and Inergy suffered a loss of $12.2 billion, which offset all the profits generated by Inergy since its listing in the Lion City in 1996. Most importantly, over 76% of the net assets comprising of trade and other receivables were qualified by the auditors, who stated that we were unable to obtain sufficient appropriate audit evidence about the recoverability of the Groups trade receivables and gross amount due from contract works of Inergy affiliates and the aforesaid third-party customer of $4,926,759,000, the other receivables due from Inergy Affiliates of $6,441,000 and prepayments made to Inergy Affiliates of $666,943,000.

Required: Discuss the potential financial reporting implication to Inergy if IFRS(I) 15 on Revenue is applicable to Inergy in preparing its financial statements for the year from 2013.