IntroductionOverviewIN1 Internation

Introduction
Overview
IN1 International Financial Reporting Standard 15 Revenue from Contracts with
Customers (IFRS 15) establishes principles for reporting useful information to
users of financial statements about the nature, amount, timing and uncertainty
of revenue and cash flows arising from an entity’s contracts with customers.
IN2 IFRS 15 is effective for annual periods beginning on or after 1 January 2017.
Earlier application is permitted.
IN3 IFRS 15 supersedes:
(a) IAS 11 Construction Contracts;
(b) IAS 18 Revenue;
(c) IFRIC 13 Customer Loyalty Programmes;
(d) IFRIC 15 Agreements for the Construction of Real Estate;
(e) IFRIC 18 Transfers of Assets from Customers; and
(f) SIC-31 Revenue—Barter Transactions Involving Advertising Services.
Reasons for issuing the IFRS
IN4 Revenue is an important number to users of financial statements in assessing an
entity’s financial performance and position. However, previous revenue
recognition requirements in International Financial Reporting Standards (IFRS)
differed from those in US Generally Accepted Accounting Principles (US GAAP)
and both sets of requirements were in need of improvement. Previous revenue
recognition requirements in IFRS provided limited guidance and, consequently,
the two main revenue recognition Standards, IAS 18 and IAS 11, could be
difficult to apply to complex transactions. In addition, IAS 18 provided limited
guidance on many important revenue topics such as accounting for
multiple-element arrangements. In contrast, US GAAP comprised broad revenue
recognition concepts together with numerous revenue requirements for
particular industries or transactions, which sometimes resulted in different
accounting for economically similar transactions.
IN5 Accordingly, the International Accounting Standards Board (IASB) and the US
national standard-setter, the Financial Accounting Standards Board (FASB),
initiated a joint project to clarify the principles for recognising revenue and to
develop a common revenue standard for IFRS and US GAAP that would:
(a) remove inconsistencies and weaknesses in previous revenue
requirements;
(b) provide a more robust framework for addressing revenue issues;
(c) improve comparability of revenue recognition practices across entities,
industries, jurisdictions and capital markets;
IFRS 15
IFRS Foundation A679
(d) provide more useful information to users of financial statements
through improved disclosure requirements; and
(e) simplify the preparation of financial statements by reducing the number
of requirements to which an entity must refer.
IN6 IFRS 15, together with Topic 606 that was introduced into the FASB Accounting
Standards Codification® by Accounting Standards Update 2014-09 Revenue from
Contracts with Customers (Topic 606), completes the joint effort by the IASB and the
FASB to meet those objectives and improve financial reporting by creating a
common revenue recognition standard for IFRS and US GAAP.
Main features
IN7 The core principle of IFRS 15 is that an entity recognises revenue to depict the
transfer of promised goods or services to customers in an amount that reflects
the consideration to which the entity expects to be entitled in exchange for
those goods or services. An entity recognises revenue in accordance with that
core principle by applying the following steps:
(a) Step 1: Identify the contract(s) with a customer—a contract is an
agreement between two or more parties that creates enforceable rights
and obligations. The requirements of IFRS 15 apply to each contract that
has been agreed upon with a customer and meets specified criteria. In
some cases, IFRS 15 requires an entity to combine contracts and account
for them as one contract. IFRS 15 also provides requirements for the
accounting for contract modifications.
(b) Step 2: Identify the performance obligations in the contract—a
contract includes promises to transfer goods or services to a customer. If
those goods or services are distinct, the promises are performance
obligations and are accounted for separately. A good or service is distinct
if the customer can benefit from the good or service on its own or
together with other resources that are readily available to the customer
and the entity’s promise to transfer the good or service to the customer is
separately identifiable from other promises in the contract.
(c) Step 3: Determine the transaction price—the transaction price is the
amount of consideration in a contract to which an entity expects to be
entitled in exchange for transferring promised goods or services to a
customer. The transaction price can be a fixed amount of customer
consideration, but it may sometimes include variable consideration or
consideration in a form other than cash. The transaction price is also
adjusted for the effects of the time value of money if the contract
includes a significant financing component and for any consideration
payable to the customer. If the consideration is variable, an entity
estimates the amount of consideration to which it will be entitled in
exchange for the promised goods or services. The estimated amount of
variable consideration will be included in the transaction price only to
the extent that it is highly probable that a significant reversal in the
IFRS 15
A680 IFRS Foundation
amount of cumulative revenue recognised will not occur when the
uncertainty associated with the variable consideration is subsequently
resolved.
(d) Step 4: Allocate the transaction price to the performance
obligations in the contract—an entity typically allocates the
transaction price to each performance obligation on the basis of the
relative stand-alone selling prices of each distinct good or service
promised in the contract. If a stand-alone selling price is not observable,
an entity estimates it. Sometimes, the transaction price includes a
discount or a variable amount of consideration that relates entirely to a
part of the contract. The requirements specify when an entity allocates
the discount or variable consideration to one or more, but not all,
performance obligations (or distinct goods or services) in the contract.
(e) Step 5: Recognise revenue when (or as) the entity satisfies a
performance obligation—an entity recognises revenue when (or as) it
satisfies a performance obligation by transferring a promised good or
service to a customer (which is when the customer obtains control of
that good or service). The amount of revenue recognised is the amount
allocated to the satisfied performance obligation. A performance
obligation may be satisfied at a point in time (typically for promises to
transfer goods to a customer) or over time (typically for promises to
transfer services to a customer). For performance obligations satisfied
over time, an entity recognises revenue over time by selecting an
appropriate method for measuring the entity’s progress towards
complete satisfaction of that performance obligation.
IN8 IFRS 15 also includes a cohesive set of disclosure requirements that would result
in an entity providing users of financial statements with comprehensive
information about the nature, amount, timing and uncertainty of revenue and
cash flows arising from the entity’s contracts with customers. Specifically,
IFRS 15 requires an entity to provide information about:
(a) revenue recognised from contracts with customers, including the
disaggregation of revenue into appropriate categories;
(b) contract balances, including the opening and closing balances of
receivables, contract assets and contract liabilities;
(c) performance obligations, including when the entity typically satisfies its
performance obligations and the transaction price that is allocated to
the remaining performance obligations in a contract;
(d) significant judgements, and changes in judgements, made in applying
the requirements to those contracts; and
(e) assets recognised from the costs to obtain or fulfil a contract with a
customer.
IN9 The IASB and the FASB achieved their goal of reaching the same conclusions on
all requirements for the accounting for revenue from contracts with customers.
IFRS 15
IFRS Foundation A681
As a result, IFRS 15 and Topic 606 are substantially the same. However, there are
some minor differences which are outlined in the appendix to the Basis for
Conclusions.

Introduction
Overview
IN1 International Financial Reporting Standard 15 Revenue from Contracts with
Customers (IFRS 15) establishes principles for reporting useful information to
users of financial statements about the nature, amount, timing and uncertainty
of revenue and cash flows arising from an entity’s contracts with customers.
IN2 IFRS 15 is effective for annual periods beginning on or after 1 January 2017.
Earlier application is permitted.
IN3 IFRS 15 supersedes:
(a) IAS 11 Construction Contracts;
(b) IAS 18 Revenue;
(c) IFRIC 13 Customer Loyalty Programmes;
(d) IFRIC 15 Agreements for the Construction of Real Estate;
(e) IFRIC 18 Transfers of Assets from Customers; and
(f) SIC-31 Revenue—Barter Transactions Involving Advertising Services.
Reasons for issuing the IFRS
IN4 Revenue is an important number to users of financial statements in assessing an
entity’s financial performance and position. However, previous revenue
recognition requirements in International Financial Reporting Standards (IFRS)
differed from those in US Generally Accepted Accounting Principles (US GAAP)
and both sets of requirements were in need of improvement. Previous revenue
recognition requirements in IFRS provided limited guidance and, consequently,
the two main revenue recognition Standards, IAS 18 and IAS 11, could be
difficult to apply to complex transactions. In addition, IAS 18 provided limited
guidance on many important revenue topics such as accounting for
multiple-element arrangements. In contrast, US GAAP comprised broad revenue
recognition concepts together with numerous revenue requirements for
particular industries or transactions, which sometimes resulted in different
accounting for economically similar transactions.
IN5 Accordingly, the International Accounting Standards Board (IASB) and the US
national standard-setter, the Financial Accounting Standards Board (FASB),
initiated a joint project to clarify the principles for recognising revenue and to
develop a common revenue standard for IFRS and US GAAP that would:
(a) remove inconsistencies and weaknesses in previous revenue
requirements;
(b) provide a more robust framework for addressing revenue issues;
(c) improve comparability of revenue recognition practices across entities,
industries, jurisdictions and capital markets;
IFRS 15
 IFRS Foundation A679
(d) provide more useful information to users of financial statements
through improved disclosure requirements; and
(e) simplify the preparation of financial statements by reducing the number
of requirements to which an entity must refer.
IN6 IFRS 15, together with Topic 606 that was introduced into the FASB Accounting
Standards Codification® by Accounting Standards Update 2014-09 Revenue from
Contracts with Customers (Topic 606), completes the joint effort by the IASB and the
FASB to meet those objectives and improve financial reporting by creating a
common revenue recognition standard for IFRS and US GAAP.
Main features
IN7 The core principle of IFRS 15 is that an entity recognises revenue to depict the
transfer of promised goods or services to customers in an amount that reflects
the consideration to which the entity expects to be entitled in exchange for
those goods or services. An entity recognises revenue in accordance with that
core principle by applying the following steps:
(a) Step 1: Identify the contract(s) with a customer—a contract is an
agreement between two or more parties that creates enforceable rights
and obligations. The requirements of IFRS 15 apply to each contract that
has been agreed upon with a customer and meets specified criteria. In
some cases, IFRS 15 requires an entity to combine contracts and account
for them as one contract. IFRS 15 also provides requirements for the
accounting for contract modifications.
(b) Step 2: Identify the performance obligations in the contract—a
contract includes promises to transfer goods or services to a customer. If
those goods or services are distinct, the promises are performance
obligations and are accounted for separately. A good or service is distinct
if the customer can benefit from the good or service on its own or
together with other resources that are readily available to the customer
and the entity’s promise to transfer the good or service to the customer is
separately identifiable from other promises in the contract.
(c) Step 3: Determine the transaction price—the transaction price is the
amount of consideration in a contract to which an entity expects to be
entitled in exchange for transferring promised goods or services to a
customer. The transaction price can be a fixed amount of customer
consideration, but it may sometimes include variable consideration or
consideration in a form other than cash. The transaction price is also
adjusted for the effects of the time value of money if the contract
includes a significant financing component and for any consideration
payable to the customer. If the consideration is variable, an entity
estimates the amount of consideration to which it will be entitled in
exchange for the promised goods or services. The estimated amount of
variable consideration will be included in the transaction price only to
the extent that it is highly probable that a significant reversal in the
IFRS 15
A680 IFRS Foundation
amount of cumulative revenue recognised will not occur when the
uncertainty associated with the variable consideration is subsequently
resolved.
(d) Step 4: Allocate the transaction price to the performance
obligations in the contract—an entity typically allocates the
transaction price to each performance obligation on the basis of the
relative stand-alone selling prices of each distinct good or service
promised in the contract. If a stand-alone selling price is not observable,
an entity estimates it. Sometimes, the transaction price includes a
discount or a variable amount of consideration that relates entirely to a
part of the contract. The requirements specify when an entity allocates
the discount or variable consideration to one or more, but not all,
performance obligations (or distinct goods or services) in the contract.
(e) Step 5: Recognise revenue when (or as) the entity satisfies a
performance obligation—an entity recognises revenue when (or as) it
satisfies a performance obligation by transferring a promised good or
service to a customer (which is when the customer obtains control of
that good or service). The amount of revenue recognised is the amount
allocated to the satisfied performance obligation. A performance
obligation may be satisfied at a point in time (typically for promises to
transfer goods to a customer) or over time (typically for promises to
transfer services to a customer). For performance obligations satisfied
over time, an entity recognises revenue over time by selecting an
appropriate method for measuring the entity’s progress towards
complete satisfaction of that performance obligation.
IN8 IFRS 15 also includes a cohesive set of disclosure requirements that would result
in an entity providing users of financial statements with comprehensive
information about the nature, amount, timing and uncertainty of revenue and
cash flows arising from the entity’s contracts with customers. Specifically,
IFRS 15 requires an entity to provide information about:
(a) revenue recognised from contracts with customers, including the
disaggregation of revenue into appropriate categories;
(b) contract balances, including the opening and closing balances of
receivables, contract assets and contract liabilities;
(c) performance obligations, including when the entity typically satisfies its
performance obligations and the transaction price that is allocated to
the remaining performance obligations in a contract;
(d) significant judgements, and changes in judgements, made in applying
the requirements to those contracts; and
(e) assets recognised from the costs to obtain or fulfil a contract with a
customer.
IN9 The IASB and the FASB achieved their goal of reaching the same conclusions on
all requirements for the accounting for revenue from contracts with customers.
IFRS 15
 IFRS Foundation A681
As a result, IFRS 15 and Topic 606 are substantially the same. However, there are
some minor differences which are outlined in the appendix to the Basis for
Conclusions.

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IntroductionOverviewIN1 International Financial Reporting Standard 15 Revenue from Contracts withCustomers (IFRS 15) establishes principles for reporting useful information tousers of financial statements about the nature, amount, timing and uncertaintyof revenue and cash flows arising from an entity's contracts with customers.IN2 IFRS 15 is effective for annual periods beginning on or after 1 January 2017.Earlier application is permitted.IN3 IFRS 15 supersedes:(a) IAS 11 Construction Contracts;(b) IAS 18 Revenue;(c) IFRIC 13 Customer Loyalty Programmes;(d) IFRIC 15 Agreements for the Construction of Real Estate;(e) IFRIC 18 Transfers of Assets from Customers; and(f) SIC-31 Revenue—Barter Transactions Involving Advertising Services.Reasons for issuing the IFRSIN4 Revenue is an important number to users of financial statements in assessing anentity's financial performance and position. However, previous revenuerecognition requirements in International Financial Reporting Standards (IFRS)differed from those in US Generally Accepted Accounting Principles (US GAAP)and both sets of requirements were in need of improvement. Previous revenuerecognition requirements in IFRS provided limited guidance and, consequently,the two main revenue recognition Standards, IAS 18 and IAS 11, could bedifficult to apply to complex transactions. In addition, IAS 18 provided limitedguidance on many important revenue topics such as accounting formultiple-element arrangements. In contrast, US GAAP comprised broad revenuerecognition concepts together with numerous revenue requirements forparticular industries or transactions, which sometimes resulted in differentaccounting for economically similar transactions.IN5 Accordingly, the International Accounting Standards Board (IASB) and the USnational standard-setter, the Financial Accounting Standards Board (FASB),initiated a joint project to clarify the principles for recognising revenue and todevelop a common revenue standard for IFRS and US GAAP that would:(a) remove inconsistencies and weaknesses in previous revenuerequirements;(b) provide a more robust framework for addressing revenue issues;(c) improve comparability of revenue recognition practices across entities,industries, jurisdictions and capital markets;IFRS 15 IFRS Foundation A679(d) provide more useful information to users of financial statementsthrough improved disclosure requirements; and(e) simplify the preparation of financial statements by reducing the numberof requirements to which an entity must refer.IN6 IFRS 15, together with Topic 606 that was introduced into the FASB AccountingStandards Codification® by Accounting Standards Update 2014-09 Revenue fromContracts with Customers (Topic 606), completes the joint effort by the IASB and theFASB to meet those objectives and improve financial reporting by creating acommon revenue recognition standard for IFRS and US GAAP.Main featuresIN7 The core principle of IFRS 15 is that an entity recognises revenue to depict thetransfer of promised goods or services to customers in an amount that reflectsthe consideration to which the entity expects to be entitled in exchange forthose goods or services. An entity recognises revenue in accordance with thatcore principle by applying the following steps:(a) Step 1: Identify the contract(s) with a customer—a contract is anagreement between two or more parties that creates enforceable rightsand obligations. The requirements of IFRS 15 apply to each contract thathas been agreed upon with a customer and meets specified criteria. Insome cases, IFRS 15 requires an entity to combine contracts and accountfor them as one contract. IFRS 15 also provides requirements for theaccounting for contract modifications.(b) Step 2: Identify the performance obligations in the contract—acontract includes promises to transfer goods or services to a customer. Ifthose goods or services are distinct, the promises are performanceobligations and are accounted for separately. A good or service is distinctif the customer can benefit from the good or service on its own ortogether with other resources that are readily available to the customerand the entity's promise to transfer the good or service to the customer isseparately identifiable from other promises in the contract.(c) Step 3: Determine the transaction price—the transaction price is theamount of consideration in a contract to which an entity expects to beentitled in exchange for transferring promised goods or services to acustomer. The transaction price can be a fixed amount of customerconsideration, but it may sometimes include variable consideration orconsideration in a form other than cash. The transaction price is alsoadjusted for the effects of the time value of money if the contractincludes a significant financing component and for any considerationpayable to the customer. If the consideration is variable, an entityestimates the amount of consideration to which it will be entitled inexchange for the promised goods or services. The estimated amount ofvariable consideration will be included in the transaction price only tothe extent that it is highly probable that a significant reversal in theIFRS 15A680 IFRS Foundationamount of cumulative revenue recognised will not occur when theuncertainty associated with the variable consideration is subsequentlyresolved.(d) Step 4: Allocate the transaction price to the performanceobligations in the contract—an entity typically allocates thetransaction price to each performance obligation on the basis of therelative stand-alone selling prices of each distinct good or servicepromised in the contract. If a stand-alone selling price is not observable,an entity estimates it. Sometimes, the transaction price includes adiscount or a variable amount of consideration that relates entirely to apart of the contract. The requirements specify when an entity allocatesthe discount or variable consideration to one or more, but not all,performance obligations (or distinct goods or services) in the contract.(e) Step 5: Recognise revenue when (or as) the entity satisfies aperformance obligation—an entity recognises revenue when (or as) itsatisfies a performance obligation by transferring a promised good orservice to a customer (which is when the customer obtains control ofthat good or service). The amount of revenue recognised is the amountallocated to the satisfied performance obligation. A performanceobligation may be satisfied at a point in time (typically for promises totransfer goods to a customer) or over time (typically for promises totransfer services to a customer). For performance obligations satisfiedover time, an entity recognises revenue over time by selecting anappropriate method for measuring the entity's progress towardscomplete satisfaction of that performance obligation.IN8 IFRS 15 also includes a cohesive set of disclosure requirements that would resultin an entity providing users of financial statements with comprehensiveinformation about the nature, amount, timing and uncertainty of revenue andcash flows arising from the entity's contracts with customers. Specifically,IFRS 15 requires an entity to provide information about:(a) revenue recognised from contracts with customers, including thedisaggregation of revenue into appropriate categories;(b) contract balances, including the opening and closing balances ofreceivables, contract assets and contract liabilities;(c) performance obligations, including when the entity typically satisfies itsperformance obligations and the transaction price that is allocated tothe remaining performance obligations in a contract;(d) significant judgements, and changes in judgements, made in applyingthe requirements to those contracts; and(e) assets recognised from the costs to obtain or fulfil a contract with acustomer.IN9 The IASB and the FASB achieved their goal of reaching the same conclusions onall requirements for the accounting for revenue from contracts with customers.IFRS 15 IFRS Foundation A681As a result, IFRS 15 and Topic 606 are substantially the same. However, there aresome minor differences which are outlined in the appendix to the Basis forConclusions.

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Introduction
Overview
IN1 International Financial Reporting Standard 15 Revenue from Contracts with
Customers (IFRS 15) establishes principles for Reporting useful information to
Users of Financial statements About the nature, amount, Timing and uncertainty
of revenue and Cash flows Arising from an Entity's contracts with customers.
IFRS 15 is effective for periods IN2 Annual Beginning on or after 1 January 2017.
Earlier Application is Permitted.
IN3 IFRS 15 Supersedes:
(a) IAS 11 Construction Contracts;
(B) IAS 18 Revenue;
(C) IFRIC 13 Customer Loyalty Programmes;
(D) IFRIC 15 Agreements for the Construction of Real Estate;
(E) IFRIC 18 Transfers of Assets from Customers; and
(F) SIC-31 Revenue-Barter Transactions involving Advertising Services.
Reasons for Issuing the IFRS
IN4 Revenue is an important Number of Users to Financial statements in assessing an
Entity's Financial Performance and position. However, previous revenue
in International Financial Reporting Standards requirements Recognition (IFRS)
Generally Accepted Accounting Differed from those in US Principles (US GAAP)
and both sets of requirements were in Need of Improvement. Previous revenue
requirements in IFRS Recognition Limited Guidance provided and, consequently,
the Two Main revenue Recognition Standards, IAS 18 and IAS 11, could be
difficult to apply to transactions Complex. In addition, IAS 18 provided Limited
Guidance on many important revenue Topics such as accounting for
multiple-element Arrangements. In contrast, US GAAP comprised Broad revenue
Recognition Concepts Together with numerous revenue requirements for
particular Industries or transactions, which sometimes resulted in different
accounting for economically similar transactions.
IN5 accordingly, the International Accounting Standards Board (IASB) and the US
National standard-Setter. , the Financial Accounting Standards Board (FASB),
initiated a Joint Project to clarify the principles for recognizing revenue and to
develop a common revenue standard for IFRS and US GAAP that would:
(a) Remove inconsistencies and Weaknesses in previous revenue
requirements;
(B. ) provide a more Robust Framework for addressing revenue issues;
(C) improve comparability of revenue Recognition Practices Across entities,
Industries, jurisdictions and Capital markets;
IFRS 15
IFRS Foundation A679
(D) provide more useful information to Users of Financial statements
Through improved Disclosure. requirements; and
(E) Simplify the Preparation of Financial statements by reducing the Number
of requirements to which an Entity must Refer.
IN6 IFRS 15, Together with Topic 606 that was introduced Into the FASB Accounting
Standards Accounting Standards Update by Codification® Revenue from 2,014 to 09.
contracts with Customers (Topic 606), completes the Joint effort by the IASB and the
FASB to Meet those objectives and improve Financial Reporting by creating a
common revenue Recognition standard for IFRS and US GAAP.
Main features
IN7 The core principle of IFRS 15 is that. Recognises an Entity revenue to Depict the
Promised Transfer of Goods or Services to customers in an amount that Reflects
the consideration to which the Entity expects to be Entitled in Exchange for
those Goods or Services. Recognises revenue in accordance with an Entity that
core principle by applying the following steps:
(a) Step 1: Identify the Contract (s) with a customer-a Contract is an
Agreement between Two or more Parties that creates enforceable rights
and obligations. The requirements of IFRS 15 apply to each Contract that
has been agreed upon with a customer and Specified Meets criteria. In
Some Cases, IFRS 15 requires an Entity Account to Combine contracts and
for them as one Contract. IFRS 15 also provides requirements for the
accounting for Contract modifications.
(B) Step 2: Identify the obligations in the Contract-a Performance
Contract includes Promises to Transfer Goods or Services to a customer. If
those Goods or Services are Distinct, the Performance Promises are
obligations are accounted for and separately. A good or Service is Distinct
if the customer Can Benefit from the good or Service on its own or
Together with Other Resources that are readily available to the customer
and the Entity's Promise to Transfer the good or Service to the customer is
separately identifiable from Other Promises. in the Contract.
(C) Step 3: Determine the transaction the transaction-Price Price is the
amount of consideration in a Contract to which an Entity expects to be
Entitled in Exchange for transferring Promised Goods or Services to a
customer. Can be a fixed amount the transaction Price of customer
consideration, but sometimes it May include Variable consideration or
consideration in a form Other than Cash. Price the transaction is also
adjusted for the effects of the time if the Contract Value of Money
and Component Financing includes a significant consideration for any
Payable to the customer. If the consideration is Variable, an Entity
estimates the amount of consideration to which it Entitled Will be in
the Promised Exchange for Goods or Services. The estimated amount of
Variable consideration Will be included in the transaction Price only to
the extent that it is highly probable that a significant reversal in the
IFRS 15
A680 IFRS Foundation
amount of cumulative revenue recognized Will not occur when the
uncertainty associated with the Variable consideration is. subsequently
resolved.
(D) Step 4: Allocate the transaction Price to the Performance
obligations in the Contract-an Entity typically Allocates the
transaction Price to each Performance Obligation on the basis of the
Relative stand-alone selling prices of each Distinct good or Service
Promised. in the contract. If a stand-alone selling Price is not observable,
estimates an Entity. Sometimes, the transaction includes a Price
Discount or a Variable amount of consideration that relates entirely to a
Part of the Contract. The requirements Specify when an Entity Allocates
the Discount or Variable consideration to one or more, but not all,
Performance obligations (or Distinct Goods or Services) in the Contract.
(E) Step 5: recognize revenue when (or as) the Entity satisfies. a
Performance Obligation-an Entity Recognises revenue when (or as) it
satisfies a Performance Obligation Promised by transferring a good or
Service to a customer (which is when the customer Obtains Control of
that good or Service). The amount of revenue recognized is the amount
allocated to the Performance Obligation satisfied. A Performance
Obligation May be satisfied at a Point in time (typically for Promises to
Transfer Goods to a customer) or over time (typically for Promises to
Transfer Services to a customer). For Performance obligations satisfied
over time, an Entity Recognises revenue over time by selecting an
appropriate method for measuring the Entity's Progress towards
Complete satisfaction of that Performance Obligation.
IN8 IFRS 15 also includes a cohesive SET of Disclosure requirements that would Result
in an Entity providing Users. Financial statements of with Comprehensive
information About the nature, amount, and uncertainty of revenue and Timing
Cash flows Arising from the Entity's contracts with customers. Specifically,
IFRS 15 requires an Entity to provide information About:
(a) revenue recognized from contracts with customers, including the
disaggregation of revenue Into appropriate categories;
(B) Contract balances, including the opening and Closing balances of
receivables, Contract Assets and Contract. liabilities;
(C) Performance obligations, including when the Entity typically satisfies its
Performance obligations and the transaction Price that is allocated to
the remaining Performance obligations in a Contract;
(D) significant Judgements, and changes in Judgements, Made in applying
the requirements to. those contracts; and
(E) Assets recognized from the costs to obtain or fulfill a Contract with a
customer.
IN9 The IASB and the FASB achieved their Goal of reaching the Same Conclusions on
all requirements for the accounting for revenue from contracts with customers.
IFRS 15
IFRS Foundation. A681
As a Result, IFRS 15 and Topic 606 are substantially the Same. However, there are
differences which are outlined in the MINOR Some Appendix to the Basis for
Conclusions.

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Introduction Overview IN1 International Financial Reporting Standard 15 Revenue from Contracts with
Customers (IFRS 15). Establishes principles for reporting useful information to
users of financial statements about the nature amount timing,,, And uncertainty
of revenue and cash flows arising from an entity 's contracts with customers.
.IN2 IFRS 15 is effective for annual periods beginning on or after 1 January 2017.
Earlier application is permitted.
IN3. IFRS 15 supersedes:
(a) IAS 11 Construction Contracts;
(b) IAS 18 Revenue;
(c) IFRIC 13 Customer Loyalty Programmes;
(d). IFRIC 15 Agreements for the Construction of Real Estate;
(E) IFRIC 18 Transfers of Assets from Customers; and
.(f) SIC-31 Revenue - Barter Transactions Involving Advertising Services.
Reasons for issuing the IFRS
IN4 Revenue is an important. Number to users of financial statements in assessing an
entity 's financial performance and position. However previous, revenue
recognition. Requirements in International Financial Reporting Standards (IFRS)
.Differed from those in US Generally Accepted Accounting Principles (US GAAP)
and both sets of requirements were in need. Of improvement. Previous revenue
recognition requirements in IFRS provided limited guidance and consequently
the two main,,, Revenue, recognition Standards IAS 18 and, IAS 11 could be
difficult to apply to complex transactions. In addition IAS 18, provided. Limited
.Guidance on many important revenue topics such as accounting for
multiple-element arrangements. In contrast US GAAP, comprised. Broad revenue
recognition concepts together with numerous revenue requirements for
particular industries, or transactions. Which sometimes resulted in different
accounting for economically similar transactions.
IN5, AccordinglyThe International Accounting Standards Board (IASB) and the US
national standard-setter the Financial, Accounting Standards. Board (FASB),
initiated a joint project to clarify the principles for recognising revenue and to
develop a common revenue. Standard for IFRS and US GAAP that would:
(a) remove inconsistencies and weaknesses in previous requirements; revenue

.(b) provide a more robust framework for addressing revenue issues;
(c) improve comparability of revenue recognition practices. Across entities
industries, jurisdictions and, capital markets;
IFRS 15
IFRS Foundation A679
(d) provide more useful information. To users of financial statements
through improved disclosure requirements; and
.(E) simplify the preparation of financial statements by reducing the number
of requirements to which an entity must refer.
IN6. IFRS 15 together with, Topic 606 that was introduced into the FASB Accounting
Standards Codification apertium by Accounting Standards. Update 2014-09 Revenue from
Contracts with Customers (Topic 606), completes the joint effort by the IASB and the
.FASB to meet those objectives and improve financial reporting by creating a
common revenue recognition standard for IFRS. And US GAAP.

Main features IN7 The core principle of IFRS 15 is that an entity recognises revenue to depict the
transfer. Of promised goods or services to customers in an amount that reflects
the consideration to which the entity expects to be. Entitled in exchange for
.Those goods or services. An entity recognises revenue in accordance with that
core principle by applying the following. Steps:
(a) Step 1: Identify the contract (s) with a customer - a contract is an
agreement between two or more parties that. Creates enforceable rights
and obligations. The requirements of IFRS 15 apply to each contract that
.Has been agreed upon with a customer and meets specified criteria. In
some cases IFRS 15, requires an entity to combine. Contracts and account
for them as one contract. IFRS 15 also provides requirements for the
accounting for contract modifications.
(b). Step 2: Identify the performance obligations in the contract - A
contract includes promises to transfer goods or services. To a customer. If
.Those goods or services are distinct the promises, are performance
obligations and are accounted for separately. A good. Or service is distinct
if the customer can benefit from the good or service on its own or
together with other resources. That are readily available to the customer
and the entity 's promise to transfer the good or service to the customer is
.Separately identifiable from other promises in the contract.
(c) Step 3: Determine the transaction price - the transaction. Price is the
amount of consideration in a contract to which an entity expects to be
entitled in exchange for transferring. Promised goods or services to a
customer. The transaction price can be a fixed amount of, customer
considerationBut it may sometimes include variable consideration or
consideration in a form other than cash. The transaction price is. Also
adjusted for the effects of the time value of money if the contract
includes a significant financing component and. For any consideration
payable to the customer. If the consideration, is variable an entity
.

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