Revenue Recognition for Private Enterprises: An opportunity for change

March 21, 2018

The introduction of the new revenue standard IFRS 15 Revenue from Contracts with Customers may be an opportunity for private enterprises to change their pattern of revenue recognition. IFRS 15 provides specific guidance on complex revenue transactions that doesnot exist under Section 3400 Revenue. For example, IFRS 15 provides guidance on areas such as variable consideration, distinct performance obligations, accounting for licenses, material rights, and contract modifications.

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