IFRS

IASB release major new standard on revenue recognition

Louise Kelly Louise Kelly

A shift in the top line – the new global revenue standard is here at last.

The IASB has published IFRS 15 ‘Revenue from Contracts with Customers’. IFRS 15:

  • replaces IAS 18 ‘Revenue’, IAS 11 ‘Construction Contracts’ and some revenue-related Interpretations;
  • establishes a new control-based revenue recognition model;
  • changes the basis for deciding whether revenue is recognised at a point in time or over time;
  • provides new and more detailed guidance on specific topics; and
  • expands and improves disclosures about revenue.

This special edition of IFRS News explains the key features of the new Standard and provides practical insights into its application and impact.