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IFRS 15 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for revenue from contracts with customers. It was adopted in 2014 and became effective in January 2018. [ 1][ 2] It was the subject of a joint project with the Financial Accounting ...
t. e. International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). [ 1] They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable ...
The new revenue guidance was issued by the IASB as IFRS 15. The IASB’s standard, as amended, is effective for the first interim period within annual reporting periods beginning on or after January 1, 2018, with early adoption permitted. [8] Under the new standard, revenue recognition is performed using a five-step process: [9]
IFRS 15: IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction 2007 January 1, 2008: IFRIC 15 Agreements for the Construction of Real Estate 2008 January 1, 2009: January 1, 2018: IFRS 15: IFRIC 16 Hedges of a Net Investment in a Foreign Operation 2008 October 1, 2008: IFRIC 17
IAS 11. The IAS 11 standard of International Accounting Standards set out requirements for the accounting treatment of the revenue and costs associated with long-term construction contracts. By their nature, construction activities and contracts are long-term projects, often beginning and ending in different accounting periods.
The International Financial Reporting Standards Foundation or IFRS Foundation (sometimes IFRSF) is a nonprofit organization that oversees financial reporting standard-setting. Its main objectives include the development and promotion of the International Financial Reporting Standards (IFRS), through the International Accounting Standards Board ...
t. e. The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that will be used internationally. [1] Convergence in some form has been taking place for several decades, [2] and efforts today include projects that aim to reduce the differences between accounting standards. [3]
IFRS 13, Fair Value Measurement, was adopted by the International Accounting Standards Board on May 12, 2011. [5] IFRS 13 provides guidance for how to perform fair value measurement under IFRS and became effective on January 1, 2013. [ 5 ]