Clarifications to IFRS 15 - IASB

Date recorded:

On May 19, 2015, the IASB met to discuss issues relating to the guidance on principal versus agent considerations in IFRS 15, Revenue from Contracts with Customers. The following issues emerged from meetings of the Transition Resource Group for Revenue Recognition (TRG):

  1. Control of a service in the context of the principal versus agent assessment
  2. Identifying the specified good or service to be provided to the customer
  3. The indicators in paragraph B37

Review the IASB Update.

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