Correct presentation of revenue in IFRS 15 provides explicit presentation requirements, which are quite detailed and increase the volume of required disclosures that entities have to include in their interim and annual financial statements. Many of the requirements in IFRS 15 involve information that entities did not previously disclose, all in all the usefulness of information in the financial statements should grow using these presentation requirements.
In practice, the nature and extent of changes to an entity’s financial statements depend on a number of factors, including, but not limited to, the nature of its revenue-generating activities and the level of information it previously disclosed.
Reassessment of old revenue disclosures
As part of their adoption of IFRS 15, entities also need … Read more