IFRS 15 Insights

What is IFRS 15?

IFRS 15, Revenue from Contracts with Customers, is an International Financial Reporting Standard that outlines how and when revenue should be recognized. It provides a single, principles-based five-step model to be applied to all contracts with customers. The core principle is that revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It is commonly used by companies worldwide to ensure consistent and comparable financial reporting of revenue.

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What other technologies are related to IFRS 15?

IFRS 15 Competitor Technologies

ASC 606

ASC 606 is the US GAAP equivalent of IFRS 15, addressing revenue recognition. They both serve the same purpose, but one is for GAAP standards and the other is for IFRS.

mentioned alongside IFRS 15 in 12% (134) of relevant job posts

IFRS 15 Complementary Technologies

SAP

SAP is an ERP system that can be configured to comply with IFRS 15, helping companies manage and report revenue in accordance with the standard. It can be used to implement compliance to IFRS 15.

mentioned alongside IFRS 15 in 0% (94) of relevant job posts

Microsoft Excel

Microsoft Excel can be used for calculations and analysis related to IFRS 15, but it is not a direct competitor or replacement for the standard itself. It complements the implementation of IFRS 15.

mentioned alongside IFRS 15 in 0% (245) of relevant job posts