IFRS (International Financial
Reporting Standards)

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Revenue recognition

The IASB and the FASB have issued new requirements for recognising revenue under both IFRS and US GAAP. IFRS 15 Revenue from Contracts with Customers provides a single revenue recognition model based on the transfer of control of a good or service to a customer.

The new revenue standard marks a significant change from current requirements under IFRS. It provides a more structured approach to measuring and recognising revenue, with detailed application guidance. Therefore, adoption may be a significant undertaking for many entities. Early assessment will be key to managing a successful implementation.

The standard is effective on 1 January 2018, with early adoption only permitted under IFRS.

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