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IASB amends IFRS 15 revenue standard
The International accounting Standards Board (IASB) has issued amendments to IFRS 15 Revenue from Contracts with Customers, to help clarify some requirements and provide more transitional relief.
The amendments should clarify how to identify a performance obligation (the promise to transfer a good/service to a customer) in a contract. They should also help the understanding of when a company is a principal (the provider of a good/service) or an agent (arranging for good/service to be provided).
Finally, the changes proposed will help determine whether the revenue from granting a license should be recognised at a point in time or over time.
The amendments have the same effective date as the standard – 1 January 2018.
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