n Professional Accountant - IFRS 15 - revenue from contracts with customers - : accounting technical

Volume 2014, Issue 21
  • ISSN : 1680-7537


The requirements for recognising revenue are changing. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) (collectively, the Boards) have issued new requirements for recognising revenue under both IFRS and US GAAP. The new standard is the final product of more than a decade of efforts, including multiple documents exposed for public comment, numerous round tables, other discussion forums and extensive deliberations by the Boards. The core principle of IFRS 15 is that revenue is recognised to depict the transfer of 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.

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