Do you also need some information about IFRS? In this article, we explain how IFRS 15 works. We will also introduce annualreporting.info. This introduction will not be too long, we want you to discover yourself! Please read below for more information regarding this topic.
An introduction: what does IFRS 15 mean?
You might not know what the abbreviation stands for. We will explain that to you. The abbreviation IFRS stands for International Financial Reporting Standard. This standard was established by the International Accounting Standards Board (IASB). The IFRS provides guidelines for the accounting treatment of income resulting from contracts with all kinds of customers. What does this standard apply to? The IFRS 15 standard is another specific standard. To be even more specific, it applies to different financial statements. For example, with the financial year starting on 1 January 2018 or after. That is important to know. Another thing that is good to know is that this new standard replaces IAS 11 Construction Contracts as well as IAS 18 Revenue. This standard – the IFRS 15 – allows for better comparison of companies and for more information to be available and searchable in various ways. Below you will find more information:
- The identification of the contract with the customer
- Determination of transaction price
- The recognised revenue, once the performance obligation has been met
IFRS 15 applies to financial statements with the financial year beginning on or after 1 January 2018. We announced this earlier and it is important to keep in mind. A financial year before that has another standard and a financial year after that also.
So what exactly are the differences between IFRS 15 and the old regulations? You can read that here. There are in fact several types of differences between IFRS and the old environment. Multiple sources and users have reported that these regulations have become a lot clearer. There are now clear guidelines, so everyone knows what they have to comply with. Good to realise that.
But now a word about annualreporting.info, because if you are going to work with these standards, you obviously also want to know what exactly is being done by this provider, who this provider is and what it stands for: all logical trains of thought.
So what exactly are the differences between IFRS 15 and the old regulations? You can read that here. There are in fact several types of differences between IFRS and the old environment. Multiple sources and users have reported that these regulations have become a lot clearer. There are now clear guidelines, so everyone knows what they have to comply with. Good to realise that.
Annual reporting and IFRS 15
But now a word about annualreporting.info, because if you are going to work with these standards, you obviously also want to know what exactly is being done by this provider, who this provider is and what it stands for: all logical trains of thought.