IFRS Accounting Standards News
IFRS 15 Revenue from Contracts with Customers is being applied to an ever-expanding population of contracts, some dealing with products and services that did not even exist when the standard originally became effective. However, the standard and its five-step model continue to provide a solid and consistent base when accounting for revenue from contracts with customers.
In its review of IFRS 15, the International Accounting Standards Board (IASB) concluded that the standard is working as intended, but acknowledged that some areas can be challenging to apply in practice.
