IFRS Alert

Clarifications to IFRS 15

The IASB has made clarifying amendments to IFRS 15 Revenue from Contracts with Customers and introduced additional transition relief for entities applying the standard for the first time.

The focus of these amendments is on clarifying the application of IFRS 15 when identifying performance obligations, determining whether an entity is acting as principal or agent in a transaction, and assessing whether a licence transfers to a customer over time or at a point in time.

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