Exco Finance Taxation

New revenue Standard could impact profile of revenue and profit recognition

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The International Accounting Standards Board (IASB) has published a new Standard, IFRS 15 Revenue from Contracts with Customers (‘the new Standard’). The new Standard outlines a single comprehensive model of accounting for revenue arising from contracts with customers and supercedes current revenue recognition guidance, which is found currently across several Standards and Interpretations within IFRSs.

The core principle is that an entity recognises revenue to reflect the transfer of goods or services, measured as the amount to which the entity expects to be entitled in exchange for those goods or services.

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David Graham

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