IFRS 15 Revenue from Contracts with Customers
IFRS 15 provides a customer-contract revenue model: identify the contract, identify its performance obligations, determine the transaction price, allocate that price and recognise revenue when or as obligations are satisfied. Satisfaction occurs through transfer of control of promised goods or services. The standard’s full detail is wider than FA; apply the level and transaction types specified in the current study guide.
Worked example
A cash deposit received before goods are delivered normally creates a contract liability rather than immediate sales revenue.
Common mistake
Invoice date and cash receipt date are evidence about a transaction, not universal revenue-recognition rules. Discounts and returns can affect transaction price.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | FA | Direct | September 2026–June 2027 |
| ACCA | FR | Direct | Official assessment-window verification pending |
| ACCA | K1 | Supporting | July 2027–August 2028 |
| ACCA | SBR | Direct | Official assessment-window verification pending |
| CIMA | F2 | Direct | Official assessment-window verification pending |
| FIA | FFA | Direct | September 2026–June 2027 |