IFRS 15 Revenue from Contracts with Customers

E453764

Accounting standard International Financial Reporting Standard Revenue recognition standard

IFRS 15 Revenue from Contracts with Customers is an international accounting standard that sets out a comprehensive, principles-based framework for recognizing revenue from customer contracts across industries.

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Observed surface forms (1)

Surface form	Occurrences
Topic 606 Revenue from Contracts with Customers	1

Statements (50)

Predicate	Object
instanceOf	Accounting standard ⓘ International Financial Reporting Standard ⓘ Revenue recognition standard ⓘ
alignedWith	ASC 606 Revenue from Contracts with Customers NERFINISHED ⓘ
appliesIn	IFRS-reporting jurisdictions worldwide ⓘ
appliesTo	Contracts with customers ⓘ
corePrinciple	Recognize revenue in an amount that reflects the consideration expected in exchange for those goods or services ⓘ Recognize revenue to depict the transfer of promised goods or services to customers ⓘ
definesConcept	Consideration payable to a customer ⓘ Contract asset ⓘ Contract liability ⓘ Contract with a customer ⓘ Costs to fulfil a contract ⓘ Incremental costs of obtaining a contract ⓘ Non-cash consideration ⓘ Performance obligation ⓘ Significant financing component ⓘ Transaction price ⓘ Variable consideration ⓘ
developedWith	FASB NERFINISHED ⓘ US Financial Accounting Standards Board NERFINISHED ⓘ
doesNotApplyTo	Certain non-monetary exchanges between entities in the same line of business ⓘ Financial instruments ⓘ Insurance contracts ⓘ Lease contracts ⓘ
earlyApplicationPermitted	Yes ⓘ
effectiveDate	1 January 2018 ⓘ
hasAbbreviation	IFRS 15 NERFINISHED ⓘ
introducesModel	Five-step revenue recognition model ⓘ
issuedBy	IASB NERFINISHED ⓘ International Accounting Standards Board NERFINISHED ⓘ
measurementBasis	Amount of consideration expected to be entitled to ⓘ
objective	Establish principles for reporting useful information about the nature, amount, timing and uncertainty of revenue and cash flows from contracts with customers ⓘ
recognitionBasis	Transfer of control of goods or services ⓘ
requires	Allocation of discounts and variable consideration to performance obligations ⓘ Assessment of whether performance obligations are satisfied over time or at a point in time ⓘ Constraint on variable consideration to avoid significant revenue reversals ⓘ Extensive qualitative and quantitative disclosures about revenue ⓘ
stepOfModel	Allocate the transaction price to the performance obligations in the contract ⓘ Determine the transaction price ⓘ Identify the contract with a customer ⓘ Identify the performance obligations in the contract ⓘ Recognize revenue when or as the entity satisfies a performance obligation ⓘ
supersedes	IAS 11 Construction Contracts NERFINISHED ⓘ IAS 18 Revenue NERFINISHED ⓘ IFRIC 13 Customer Loyalty Programmes NERFINISHED ⓘ IFRIC 15 Agreements for the Construction of Real Estate NERFINISHED ⓘ IFRIC 18 Transfers of Assets from Customers NERFINISHED ⓘ SIC-31 Revenue—Barter Transactions Involving Advertising Services NERFINISHED ⓘ
topic	Revenue recognition ⓘ

Referenced by (3)

Full triples — surface form annotated when it differs from this entity's canonical label.

IFRS → includesStandard → IFRS 15 Revenue from Contracts with Customers ⓘ

International Financial Reporting Standards → hasStandard → IFRS 15 Revenue from Contracts with Customers ⓘ

FASB Accounting Standards Codification → includesStandard → IFRS 15 Revenue from Contracts with Customers ⓘ

this entity surface form: Topic 606 Revenue from Contracts with Customers