Applying IFRS: A closer look at IFRS 15, the revenue ...

Applying ifrs A closer look at ifrs 15, the revenue recognition standardIFRS 15 revenue from Contracts with Customers(Updated September 2019) Updated September 2019 A closer look at ifrs 15, the revenue recognition standard 2 Overview The largely converged revenue standards, ifrs 15 revenue from Contracts with Customers and Accounting Standards Codification (ASC) 606, revenue from Contracts with Customers1 (together with ifrs 15, the standards), that were issued in 2014 by the International Accounting Standards Board (IASB or the Board) and the US Financial Accounting Standards Board (FASB) (collectively, the Boards) provide accounting requirements for all revenue arising from contracts with customers.

7 Updated September 2019 A closer look at IFRS 15, the revenue recognition standard 1. Objective, effective date and transition 1.1 Overview of the standard The revenue standards the Boards issued in May 2014 were largely converged and superseded virtually all legacy revenue recognition requirements in IFRS and US GAAP, respectively.

Tags:

  Revenue, Ifrs, Applying, Applying ifrs

Information

Related search queries