IFRS 15 includes additional qualitative and quantitative requirements on construction contracts disclosures which were not included within IAS 11.
Many of these disclosure requirements are narrative in nature. IFRS 15 refers to qualitative and quantitative disclosures, and the more significant disclosures introduced include the following.
- An entity discloses information about its contracts with customers to help users understand the amount, timing and uncertainty of revenue and cash flows from contracts. This includes dis-aggregation of revenue (for example, by geography, market, contract type) to assist users in meeting their objective. In addition, reconciliations between opening and closing contract balances are required in respect of: Construction contracts disclosures