DER NEUE STANDARD IFRS 15 - IASB UND FASB VERABSCHIEDEN EINEN WEITGEHEND EINHEITLICHEN STANDARD ZUR UMSATZREALISIERUNG

Bodo Runzheimer

Interdisciplinary Management Research, 2015, vol. 11, 313-329

Abstract: The international accounting regulations regarding sales revenues have been changed. In May 2014, the International Accounting Standards Board (IASB) and the US regulator, the Financial Accounting Standards Board (FASB), published together new revenue recording regulations, which will be applied in IFRS (International Financial Reporting Standards) as well as in US-GAAP (United States Generally Accepted Accounting Principles). The core principle of the new IFRS 15 is that an entity will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. IFRS 15 (Revenue from Contracts with Costumers) replaces fully all the existing US-GAAP and IFRS regulations on revenue recording. The new standard IFRS 15 combines all the former regulations on revenue recording in a single standard. Application of the standard is mandatory for annual reporting periods beginning on or after 1 January 2017. Since the changes are significant, it is essential for companies to prepare for the application of new standards on time.

Keywords: International Financial Reporting Standard 15 (IFRS 15); International Accounting Standards Board (IASB); Revenue from Contracts with Customers; Five-step model framework for recording revenues (search for similar items in EconPapers)
JEL-codes: E6 L15 M41 (search for similar items in EconPapers)
Date: 2015
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