Detailed guidance:
The IASB in May 2014 issued IFRS 15 (Revenue from contracts with customers) to supersede IFRS 18 (Revenue) and IFRS 11 (Accounting for Construction Contract).
IFRS 15 will take effect and apply to annual reporting period beginning on or after 1 January 2018.
IFRS 15 stipulates the requirements for recognising revenue from contracts with customers (except for contracts already within the scope of Standards on leases, insurance contracts and financial instruments).
The development of IFRS 15 was a joint project between the IASB and the FASB (the US standard setter); this collaboration is particularly significant in fostering the development of quality global accounting standards and more particularly in converging US GAAP with IFRS which has been a long and drawn out process.
Some analysts have described the emergence of IFRS 15 as a key milestone in converging differences in Revenue recognition across industry and jurisdictions.
Required
(a) Compare and contrast the new requirements of IFRS 15 with current practises under IFRS 18 and IFRS 11. A link to the project summary and feedback statement on IFRS 15 is provided.
(b) Critically evaluate the impact that the requirements of IFRS 15 will have on Entities and give some focus in your evaluation ondisclosure
Attachment:- Financial Reporting.rar