A shift in the top line – the new global revenue standard is here at last
The IASB has published IFRS 15, which:
- replaces IAS 18, IAS 11 and some revenue-related interpretations;
- establishes a new control-based revenue recognition model;
- changes the basis for deciding whether revenue is recognized at a point in time or over time;
- provides new and more detailed guidance on specific topics;
- expands and improves disclosures about revenue.
This special edition of IFRS Newsletter explains the key features of the new standard and provides practical insights into its application and impact.
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