Disclosure Requirements Under Ifrs 15 Revenue From Contracts With Customers

As these disclosure requirements are quite extensive and some of them are not relevant for all entities the iasb made it clear that the disclosure requirements should not be treated as a checklist but instead considered in the light of ifrs 15 s.

Disclosure requirements under ifrs 15 revenue from contracts with customers. Disclosures under ifrs 15 february 2018. Ifrs 15 specifies how and when an ifrs reporter will recognise revenue as well as requiring such entities to provide users of financial statements with more informative relevant disclosures. Ifrs 15 revenue from contracts with customers. Disclosure requirements relating to contracts with customers are set out in paragraphs ifrs 15 110 128.

Ifrs 15 was issued in may 2014 and applies to an annual reporting period beginning on or. This overview of the disclosure requirements under the new revenue standard nhighlights similarities with and differences from the existing disclosure requirements. Ifrs 15 contains both quantitative and qualitative disclosure requirements for annual and interim periods. Ifrs 15 114 128 includes disclosure requirements on the disaggregation of.

Ifrs 15 revenue from contracts with customers establishes the principles use to recognize revenue from contracts with customers. Businesses will be required to submit more disclosures under ifrs 15 than required under the current standards ias 18 revenue and ias 11 constructions contract. Contracts with customers is not included in the transaction. Wefocused on the following.

The standard provides a single principles based five step model to be applied to all contracts with customers.