IFRS 15 - Construction, civil engineering and real estate development industries

Businesses in the construction, civil engineering and real estate development industries are about to face the implementation of a major standard incorporating the new principles of revenue recognition: IFRS 15. Could IFRS 15 therefore call into question the recognition of revenue according to the stage of completion, or lead to a change in the pattern at which revenue and/or the margin is recognised?

The core principle of IFRS 15 is that revenue shall be recognised so as 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. 

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