IFRS 15: revenue recognition overhaul

IFRS 15 Revenue from Contracts with Customers comes into force from next year but has been surpassed by businesses focussing on IFRS 9, IFRS 16 and IFRS 17. Jeroen Van Doorsselaere, vice president of risk and finance at Wolters Kluwer, outlines the new rules on revenue recognition under IFRS 15

The new International Financial Reporting Standards (IFRS) rules on revenue recognition, IFRS 15 Revenue from Contracts with Customers, have arguably been overshadowed by IFRS 9 Financial Instruments, IFRS 16 Leases and IFRS 17 Insurance Contracts.

IFRS 15 implementation is due by 1 January 2018 and it will supersede standards such as IAS 18 Revenue. Although the impact is focused on revenue coming from contracts with customers, this is a standard which influences all industries even beyond financial services.

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