IFRS 15 – what does it change

this is what I’ve been learning, ill present it in bullet point:
-ifrs 15 covers variable consideration clearly, unlike ias 18
-ifrs 15 considers time value of money. When we receive payment in arrears/advance, we will recognise interest income/expense
-ifrs 15 recognises the timing of consideration received clearer, at a point of time or over time
-ifrs 15 gives clear treatment to multiple element arrangement, last time there are many method but ias 18 and 11 doesnt provide clear cut guidance on which method and when to use
-ifrs 15 gives clearer disclosure guidance
-ifrs 15 is more faithful to the framework, last time the income recog in construction contract is based on % completion, failed to meet definition of income
-ias 11 and 18 do not faithfully represent the nature of transaction, whether good/service or construction, also there are inconsistencies within

* * * Sure to come out – IFRS 15 theory question 4 * * *

You wont have calculation on IFRS15, you will be asked to detail the 5 step revenue process in an example,
Identify the contract with customer
Identify the separate performance obligations (unbundling)
Determine the transaction price (Fair value, Time value of money)
Allocate the transaction price to the separate performance obligations
Recognise revenue (at a point in time, or over time)

Also remember the following points to recognise a contract:
Both parties have approved the contract
Entity can identify each party’s rights
Entity can determine payment terms
Contract has commercial substance
Party expects to collect the consideration