5 steps of revenue accounting or how to determine income under the new IFRS 15

«From January 1, 2018, IAS 18 «Income» and IAS 11 «Construction Contracts» expire. They are being replaced by a single universal standard – IFRS 15 «Revenue from Contracts with Customers» which radically changes the criteria for recognizing revenue», said Sergiy Rogozniy, Deputy General Director on Audit issues of HLB Ukraine, and Olga Karpacheva, financial analyst, certified accountant, in the article «5 steps of revenue accounting or how to determine income under the new IFRS 15». This article opens a series of publications on changes in revenue recognition and disclosure in IFRS financial statements.

The article was published in the newspaper «All About Accounting» (No. 95, 18.10.2017).

The article is available in Ukrainian and Russian.

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