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’.
- 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
- expands and improves disclosures about revenue.
This special edition of MFRS Hot Topics explains the key features of the new Standard and provides practical insights into its application and impact.
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