IFRS 15 Revenue

Our expert team provides advice and guidance on any aspects of IFRS 15 that may be of particular concern. Please get in touch to discuss how we can help.

For further details of how BDO can help, visit our financial reporting solutions page.
 

IFRS 15 information and guidance

Overview of IFRS 15 Revenue from Contracts with Customers

IFRS 15 Revenue from Contracts with Customers entails a detailed approach to accounting for revenue, using a ‘5-step-model’. IFRS 15 contains specific, and precise guidance to be applied by entities around the timing and profile of revenue recognition.

The core principle is that a vendor should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the vendor expects to be entitled in exchange for those goods or services. Revenue is recognised by a vendor when, or as, control over the goods or services is transferred to the customer.
 

IFRS 15 Guides and publications

The following guides and publications provide useful information and advice on IFRS 15 and its key features:

• A concise introduction to IFRS 15
  A brief document providing a high level view of the key impacts and practical considerations required when implementing IFRS 15.
• IFRS at a Glance – IFRS 15 Revenue from Contracts with Customers
  A short ‘key facts’ document, setting out the key requirements for each of the 5 steps under IFRS 15, the key application guidance, definitions and the practical expedients available.
• IFRS in Practice - IFRS 15 Revenue from Contracts with Customers
  This guidance looks at the each of the 5 steps of IFRS 15 in detail, and the impact of IFRS in practice. It focuses on a range of specific areas such as licencing and sales with right of return including examples on the application of IFRS 15.

Videos which explore various aspects of IFRSs are available to view on the BDO IFRS YouTube channel.