IFRS 15 Revenue from Contracts with Customers A closer ...

Applying IFRSIFRS 15 Revenue from Contracts with CustomersA closer look at the new Revenue recognition standard (Updated July 2017) Updated July 2017 A closer look at the new Revenue recognition standard 2 Overview The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) (collectively, the Boards) respectively have issued largely converged new Revenue standards: IFRS 15 Revenue from Contracts with Customers and Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers (created by Accounting Standards Update (ASU) 2014-09)1 (together with IFRS 15, the standards). These new Revenue standards will supersede virtually all Revenue recognition requirements in IFRS and US GAAP, respectively. The standards provide accounting requirements for all Revenue arising from Contracts with Customers . They affect all entities that enter into Contracts to provide goods or services to their Customers , unless the Contracts are in the scope of other IFRSs or US GAAP requirements, such as the leasing standards.

Applying IFRS IFRS 15 Revenue from Contracts with Customers A closer look at the new revenue recognition standard (Updated July 2017)

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