21/07/2015
Students:
The IASB and US National standard-setter, FASB Initiated a joint product to clarify the principals of recognizing revenue. The IFRS-15 Revenue from Contracts with Customers, (Finally a Common revenue standard for IFRS and US GAAP).
No More inconsistencies in revenue requirements.
Almost well detailed.
Now we can easily compare revenue across different entities, industries.
IFRS-15 supersedes following:
IAS-11, IAS-18, IFRIC-13,IFRIC-15,IFRIC-18 and SIC-31.
Regards:
Qaiss-UlMulk