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Most of the problems with the definition of revenue remain in the iasb s exposure drafts of 2010 and 2011.
Revenue definition under ifrs. The standard provides a single principles based five step model to be applied to all contracts with customers. In this article we discuss revenue recognition under the accrual basis of ifrs. Ifrs use accrual principle in revenue recognition. 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.
Reporting revenue under ifrs 15 is now one of the ordinary activities of companies in the 100 countries that use ifrs standards. The ifrs foundation s logo and the ifrs for smes logo the iasb logo the hexagon device eifrs ias iasb ifric ifrs ifrs for smes ifrs foundation international accounting standards international financial reporting standards niif and sic are registered trade marks of the ifrs foundation further details of which are available from the ifrs. I also suggest that despite iasb statements fair value gains on assets should not be considered to be revenue and nor should the financial receipts of non financial companies. So this feels like the right time to.
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