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IFRS 15 Revenue From Contracts With Customer

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IFRS 15 outlines a 5 step process for revenue recognition from contracts with customers: identify the contract and performance obligations, determine the transaction price, allocate the price to obligations, and recognize revenue as obligations are satisfied.

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IFRS 15 Revenue From Contracts With Customer

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IAS 15 Revenue from contracts with customer

According to IFRS 15, revenue recognition involves a 5 step process.

1 Identify the contract

2 Identify the performance obligations within the contract

3 Determine the transaction price

4 Allocate the transaction price based on the performance obligations identified

5 Recognise the revenue as and when the performance obligations are satisfied

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