IFRS 15: Revenue

IFRS 15 Revenue from Contracts with Customers was issued in May 2014. It applies to an annual reporting period beginning on, or after, 1 January 2018. The standard specifies how, and when, an IFRS reporter will recognise revenue. It also requires such entities to provide financial statement users with more informative and relevant disclosures. It provides a single, principles based five-step model to be applied to all contracts with customers. Besides, another more significant change is that IFRS 15 provides more guidance than the existing standards on such issues as separating elements, allocating the transaction price, variable consideration, licences, options, repurchase agreements, contract modifications, and contract costs.

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Are you struggling with IFRS 15? PwC revenue specialists have started a new series covering IFRS 15. The short video series intends to quickly help you with the key points in IFRS 15. This first video covers the basic principles including the five step model as an introduction to IFRS 15. 

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