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what are common revenue standard for IFRS

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Pankaj R Mishra asked about 1 year ago

what are common revenue standard for IFRS

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1 Answers
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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Biswajit Mondal answered about 1 year ago

(a) remove inconsistencies and weaknesses in previous revenue requirements;
(b) provide a more robust framework for addressing revenue issues;
(c) improve comparability of revenue recognition practices across entities,
industries, jurisdictions and capital markets;

(d) provide more useful information to users of financial statements
through improved disclosure requirements; and
(e) simplify the preparation of financial statements by reducing the number
of requirements to which an entity must refer.

For more details visit IFRS 15 Revenue From Contracts With Customers

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