The core principles under IFRS 15 Revenue from Contracts with Customers are delivered in a five-step model, where entities recognise revenue to depict the transfer of control over the promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Unlike the old accounting standards (IAS 11 and IAS 1) which were superseded by IFRS 15, the standard outlines a single comprehensive framework for entities to use in accounting for revenue arising from contracts with customers. IFRS 15 establishes the principles that an entity applies to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue.


Georges Xuereb provides IFRS and GAPSME advice and delivers accounting topic papers to his clients on complex technical accounting matters. He also assists clients operating in diverse industries in the preparation of their separate and consolidated financial statements in accordance with IFRS or GAPSME. His area of focus in these diverse industries includes consolidations and business combinations and implementation of recently issued IFRSs. Georges also implements Excel-based consolidation tools to large groups to improve their consolidation reporting process, with a focus on quality and complex accounting requirements and reducing reporting timeframes. Georges delivers technical training and presentations on IFRS matters both internally to his colleagues and to his clients, and delivered lectures on the Financial Reporting and Strategic Business Reporting modules to students as part of their studies in fulfilment of the ACCA qualification.