Transcription of IFRS 15 Revenue from Contracts with Customers
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IFRS 15 Revenue from Contracts with Customers
S U M M A R Y IFRS 15 Revenue from Contracts with Customers 1 Overview IFRS 15 Revenue from Contracts with Customers was issued on 28 May 2014. It supersedes: IAS 18 Revenue ; IAS 11 Construction Contracts ; IFRIC 13 customer Loyalty Programmes; IFRIC 15 Agreements for the Construction of Real Estate; IFRIC 18 Transfers of Assets from Customers ; and SIC-31 Revenue Barter Transactions Involving Advertising Services. IFRS 15 will improve comparability of reported Revenue over a range of industries, companies and geographical areas globally. Objective To establish principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of Revenue and cash flows arising from a contract with a customer . Scope The new Revenue model would apply to all Contracts with Customers except leases, insurance Contracts , financial instruments, guarantees and certain non-monetary exchanges.
IFRS 15 Revenue from Contracts with Customers 2 Defined terms IFRS 15 defines the following terms that form an integral part of this IFRS. Contract – An agreement between two or more parties that creates enforceable rights and obligations. Customer – A party that has contracted with an entity to obtain goods or services that are an output of the ...
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