IFRS 15 - Revenue

Question 1

objective of IFRS 15

Answer 1

to establish the
principles for reporting useful information about the nature, amount, timing and uncertainty
of revenue and cash flows arising from a contract with a customer.

Question 2

The core principle of IFRS 15

Answer 2

• is that an entity should recognise revenue
  to depict the
• transfer of promised goods or services to customers
• at an amount that reflects the consideration to which - the entity expects to be entitled to in exchange for those goods or
  services.