IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS - DIFFERENCES BETWEEN IFRS 15 AND IAS 18

IFRS 15 was greater room for judgment when identifying the goods and services within a contract and then allocating the revenue to those goods and services identified.

IFRS 15’s impacts vary depending on which business sector or industry. Applying IFRS 15 requires a considerable amount of work by personnel across different functions. Therefore, enterprises need to invest resources effectively so that the application of IFRS 15 is optimal.

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