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principle for IFRS 15 Satisfaction Of Performance Obligation

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 vinod saini asked 12 months ago

What is the principle for IFRS 15 Satisfaction Of Performance Obligation ?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 manusha answered 12 months ago

 the principle is that revenue is recognised in accordance with IFRS 15 as a result of an entity satisfying a performance obligation in a contract with a customer. In addition, the FASB decided to carry forward a definition of revenue that is based on the definition in FASB Concepts Statement No. 6 Elements of Financial Statements.

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