IFRS 15 Revenue from Contracts with Customers (Oct 2014)
This publication provides practical information and examples about the application of key aspects of IFRS 15 Revenue from Contracts with Customers.
The new Standard establishes a single and comprehensive framework which sets out how much revenue is to be recognised, and when.
The core principle is that a vendor should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the vendor expects to be entitled in exchange for those goods or services.
IFRS 15 also introduces an overall disclosure objective together with significantly enhanced disclosure requirements for revenue recognition.