IFRS 15 Revenue Process

May 9, 2026

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IFRS 15 revenue recognition process explains how to determine contract consideration, identify distinct performance obligations, and measure transaction price before allocating it to each obligation. The document details recognition timing using criteria for completed performance, including full completion methods and straight-line allocation over the performance period. It further illustrates contract asset and contract liability accounting through cost-to-date and expected loss/onerous situations, with examples covering construction-type contracts and allocation between revenue and costs. Journal-equivalent steps include computing revenue, costs, amounts billed, and the resulting balance presentation.

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May 9, 2026