IFRS 15 Quick overview Revenue from contracts with customers – the easy way to obtain an solid overview.
What is the objective of IFRS 15?
To establish principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer.
How does IFRS 15 meet this objective?
The core principle of IFRS 15 is that an entity should recognise revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
Practical expedient – the portfolio