IFRS 15

Revenue from Contracts

with Customers

ABRIKAM
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Definition

'income arising in the course of an entity's ordinary

 activities'

• revenue is recognised when a performance obligation is satisfied

• Revenue should be stated in the financial statements excluding

sales tax and also excluding amounts collected on behalf of
others.
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The five-step approach for revenue recognition

1) Identify the contract

2) Identify the separate performance obligations within a contract
3) Determine the transaction price
4)Allocate the transaction price to the performance obligations in the
contract
5) Recognise revenue when a performance obligation is satisfied.

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Thank You.