INTERPRETATIONS OF IFRS 15 “REVENUE FROM CONTRACTS WITH CUSTOMERS”

Abstract

The reporting of revenue generated by organizations involves two key issues: when to recognize revenue from sales and how to measure it. The presentation of revenue by an organization in the published financial statements plays a decisive role in the decision-making of external users of accounting information, and in this regard, IFRS 15 “Revenue from Contracts with Customers” has been implemented, the purpose of which is to establish principles that an organization should apply to provide users of financial statements with useful information about revenue and the description, timing and uncertainties of the cash flows arising from contracts with customers. Therefore, the interpretations of IFRS 15 are important from the perspective of practical applicability.