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IFRS 15 Revenue from Contracts with Customers

IFRS 15 Revenue from Contracts with Customers provides a single, principles-based five-step model that should be applied to determine how and when to recognise revenue from contracts with customers.

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Revenue from contracts with customers

This factsheet answers some key frequently asked questions about IFRS 15 Revenue from Contracts with Customers.

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Summary and timeline

Looking for the synopsis? Our IFRS 15 summary and timeline features information on current proposals and a timeline of IASB updates.

Recent amendments

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These resources are available exclusively to Corporate Reporting Faculty subscribers, ICAEW members and students.

Related IFRIC interpretations

IFRIC 12 Service Concession Arrangements IFRIC 12 provides accounting guidance for arrangements where a contract is granted for the supply of public services such as roads.
SIC 32 Intangible Assets – Website Costs SIC 32 addresses the appropriate accounting treatment for costs at each stage of the development of a website.

UK reduced disclosures – FRS 101

UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Our FRS 101 page gives more information on which entities qualify and the criteria to be met.

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These resources are available exclusively to Corporate Reporting Faculty subscribers, ICAEW members and students.

ICAEW factsheets and guides

The Corporate Reporting Faculty's annual IFRS factsheets provide a more detailed discussion of recent IFRS amendments.

Exclusive IFRS 15 Revenue from contracts with customers
  • Helpsheets and support
  • 20 Jul 2023
  • PDF (562kb)
IFRS 15 Revenue from Contracts with Customers sets out the principles for when revenue should be recognised and how it should be measured, together with related disclosures. This factsheet answers some key frequently asked questions about the standard.
Exclusive Modifications to revenue recognition under IFRS 15
  • Helpsheets and support
  • 18 Nov 2022
A guide to the accounting implications of changes to contracts with customers as a result of the pandemic.

ICAEW webinars

Exclusive Contract modifications under IFRS
  • Webinar
  • 17 Dec 2020
This webinar explores common modification scenarios and explains their accounting implications.

eBooks

The ICAEW Library & Information Service provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Exclusive Revenue from contracts with customers
  • eBook chapter
  • 2023
  • PKF International Ltd
  • Wiley Interpretation and Application of IFRS Standards
Updated edition providing a detailed reference guide with practical examples, and IFRIC interpretations and directions. This chapter discusses IFRS 15.
Exclusive Revenue
  • eBook chapter
  • 2021
  • Ernst & Young LLP
A global perspective on technical accounting issues with worked examples and illustrations from published financial reports of major listed companies from around the world. These chapters discuss IFRS 15.
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You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

Other resources

International GAAP 2024: The global perspective on IFRS
  • Website

Detailed guide on interpreting and implementing IFRS, with illustrative examples and extracts from financial statements. The manual is available online (free registration required) as part of EY Atlas Client Edition.

IAS Plus
  • Website

Overviews of each international accounting standard, with a history and timeline of key events and amendments.

IFRS 15 Thematic Review: Review of Disclosures in the First Year of Application
  • Website

Report with excerpts of published accounts illustrating good examples of disclosure and the FRC's key findings on transition to IFRS 15, accounting policies, disclosure of significant judgements, revenue disaggregation, contract, balances and contract costs.

IFRS 15 Thematic Review: Review of Interim Disclosures in the First Year of Application
  • Website

Report with excerpts of published interim accounts illustrating good examples of disclosure. It discusses changes in accounting policies, transition adjustments, performance obligations, significant judgements, balance sheet accounts, revenue disaggregation, and comparability of amounts presented.

IFRS model accounts and disclosure checklists Many illustrative financial statements and checklists are available online, providing example presentation and disclosure formats for preparers of IFRS accounts. We’ve compiled a list of regularly updated free sources for model accounts.

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