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How IFRS 15 affects life sciences entities
This publication considers the potential implications of IFRS 15 Revenue from Contracts with Customers for life sciences entities.
Life sciences entities may need to use significant judgement and make more estimates under IFRS 15 Revenue from Contracts with Customers 19than they do under legacy IFRS. Life sciences entities have to update their policies, systems and controls to meet the new requirements, although their pattern of revenue recognition may not change. The standard also requires greater disclosure. This publication highlights key aspects of applying the standard to life sciences arrangements, addresses significant changes to legacy practice and reflects the latest implementation insights.