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Hello tutor,
In paper F3,the accounting standard for recognize revenue is IAS 18
But recently changed to IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS which supersedes IAS 18, Revenue. It applies to all businesses reporting under IFRS for periods beginning on or after 1 January 2018.
May I know when is the effective dates for IFRS 15 will be test on paper F3?starting onwards from next year or this year?Thank you 🙂The accounting standard is indeed being replaced.
So for exams next year it is the new IFRS that will be relevant – for the moment it is still IAS 18.
(However, this is rarely examined anyway in Paper F3, and the fact that it is changing makes it even less likely to be examined at the moment 🙂 )
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