Tag Archives: Contract Asset

What Is A Contract Asset Under IFRS 15?

IFRS 15 – Revenue from Contracts with Customers has been effective since 1st January, 2018. It introduced the five-step model to revenue recognition and created a new category of assets called “Contract Asset”. In this article, we consider contract assets and show how they differ from a trade receivable. Definition A contract asset is defined in IFRS […]