AASB 15 Revenue from Contracts with Customers

AASB 15 is an accounting standard that guides how companies recognize and report revenue from contracts with customers. It ensures revenues are recorded when goods or services are transferred, reflecting the actual timing and amount earned. The standard requires companies to identify performance obligations, determine transaction prices, allocate them appropriately, and recognize revenue as obligations are fulfilled. This promotes transparency and consistency in financial statements, helping users better understand a company's revenue generation and financial health.