IFRS 15: An overview of the new principles of revenue recognition

The core principle of IFRS 15 is that revenue recognition must 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.

IFRS 15 presents a single revenue recognition model applicable to all types of contracts with customers and all business sectors, improving the comparability of financial statements.