IFRS Insights into IFRS 3 - Recognition principle
A shift in the top line – the new global revenue standard is here at last.
The IASB has published IFRS 15 ‘Revenue from Contracts with Customers’. IFRS 15:
- replaces IAS 18 ‘Revenue’, IAS 11 ‘Construction Contracts’ and some revenue-related Interpretations;
- establishes a new control-based revenue recognition model;
- changes the basis for deciding whether revenue is recognised at a point in time or over time;
- provides new and more detailed guidance on specific topics; and
- expands and improves disclosures about revenue.
This special edition of IFRS News explains the key features of the new Standard and provides practical insights into its application and impact.