IFRS 15Chapter 1Lesson 1
The IFRS 15 model: objective, five steps, vocabulary and scope
Step 1 of 8Learning objectives
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What IFRS 15 aims for (useful information about revenue from contracts with customers), its core principle, the five-step architecture on which the whole course rests, the essential vocabulary, and the preliminary sorting: is the counterparty a customer, is the contract excluded, does part of it fall under another standard?
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Learning objectives
- Explain the core principle of IFRS 15 and the information the standard seeks to provide.
- Put the five steps of the model in order and state which question each of them answers.
- Explain the key terms in your own words (contract, customer, performance obligation, transaction price, contract asset and contract liability).
- Sort a contract before applying the standard (customer, exclusions, contract partly within another standard) and assess the use of the portfolio approach.