IFRS 15 (International Financial Reporting Standard 15)

IFRS 15 is a global accounting standard that governs how companies recognize revenue from customer contracts. It provides a consistent framework, emphasizing the transfer of control of goods or services to customers as the basis for recognizing revenue. The standard requires businesses to identify performance obligations in contracts, determine transaction prices, and allocate revenue accordingly. This approach improves transparency and comparability across companies and industries, ensuring that revenue is reported in a way that reflects the true economic activities and timing of earning income from customer arrangements.