Ias Revenue From Contracts With Customers

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.

Ias revenue from contracts with customers. Ifrs 15 was issued in may 2014 and applies to an annual reporting period beginning on or. The standard applies to revenue from contracts with customers only. The standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognised. The standard provides a single principles based five step model to be applied to all contracts with customers.

Ifrs 15 revenue from contracts with customers was developed jointly by the iasb and the fasb the boards. Revenue from contracts with customers was introduced by the international accounting standards board to provide one comprehensive revenue recognition model for all contracts with customers to improve comparability within industries across industries and across capital markets. Project history on 24 june 2010 the boards published their first exposure draft revenue from contracts with customers for public comment. In may 2014 the iasb and fasb issued their converged standard on revenue recognition ifrs 15 and asc 606 revenue from contracts with customers.