IFRS 15 – Revenue from Contract with Customers: The Five Step Model?
IFRS 15 – Revenue from Contracts with Customers (IFRS 15), which became effective from 1 January 2018, makes significant changes to accounting for revenue. In this article we highlight the fundamental changes introduced by IFRS 15 and use a case to show the steps in…
IFRS 15 – Revenue from Contracts with Customers: What is A Contract?
International Financial Reporting Standard (IFRS) 15 – Revenue from contracts with customers came into effect on 1 January 2018. It defines revenue and sets the rules for recognizing, measuring and disclosing revenue from contracts with a customer. Having a contract with a customer is a…
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