IFRS 15: Key points of the revenue recognition standard in 100 Q&As

Our guide provides useful information about the challenges that are at stake when implementing the IFRS 15 Standard.

IFRS 15 – Revenue from Contracts with Customers is mandatory for financial statements prepared in accordance with IFRS from 1 January 2018.

The Standards was published in May 2014 and amended in April 2016 in order to clarify certain issues. It replaces the previous revenue recognition Standards, namely IAS 11 – Construction Contracts and IAS 18 – Revenue, as well as the related interpretations.

IFRS 15 introduces a single-five step revenue recognition model that is applicable to all types of contracts with customers in all sectors, resulting in improved comparability of financial statements. It also covers the accounting for licences.

Implementation of IFRS 15 may be complex, as it requires an entity to understand the intricacies of numerous different concepts (control, performance obligations, stand-alone selling price, costs incurred to fulfil a contract, et.), to comply with the principles set out in each step of the revenue recognition model, and to make frequent use of judgement while taking account of the facts and circumstances of each specific situation.

In addition to the revenue recognition issues, entities must also pay close attention to the disclosures in the notes to the financial statements, in order to ensure that they comply with the requirements of the Standard.

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Mazars Insight_IFRS 15 key points of the revenue recognition standard

Mazars Insight_​IFRS 15 key points of the revenue recognition standard