IFRS 15 definition
Examples of IFRS 15 in a sentence
Under IFRS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer.
IFRS 15 is a new standard for the recognition of revenue, based on the principle that revenue is recognized when control of a good or service transfers to a customer.
Therefore, due to the adoption of IFRS 9 and IFRS 15, the 2017- 2018 Special Purpose Financial Statements are not directly comparable with the 2016-2017 Special Purpose Financial Statements.
For the purposes of this Section 1.2(c) “Gross Revenue” shall mean gross revenue calculated in accordance with IFRS 15 Revenue from Contract with Customers as promulgated by the International Accounting Standards Board.
With effect from 1 January 2018, the Bank adopted IFRS 9, Financial Instruments (“IFRS 9”) and IFRS 15, Revenue from Contracts with Customers (“IFRS 15”).
IFRS 15 also changes the accounting for certain contract costs, including whether they may be offset against revenue in the income statement, and requires additional disclosures about revenue and contract costs.
The Bank has determined that the adoption of IFRS 15 did not have a material impact on the Bank’s special purpose financial statements.
The Group has opted for modified retrospective application of the standard as permitted by IFRS 15 (Revenue from contracts with customers) (IFRS 15) upon early adoption in Dubai.
IFRS 15 will supersede the current revenue recognition guidance including IAS 18 Revenue, IAS 11 Construction Contracts and the related interpretations when it becomes effective.
IFRS 15 may be adopted using a full retrospective approach or a modified, cumulative effect approach wherein the guidance is applied only to existing contracts as of the date of initial application, and to new contracts transacted after that date.