IFRS 15-Revenue Recognition Revenue is defined as total amount of income generated by sales of goods and services related to the primary operation of business . Basically, any revenue which a company generates through the selling of a good or a product is considered revenue. All revenue is considered income, but not all types of income are revenue. For e.g., Interest earned .It is recognized as and when it is earned rather than payment is received. It is an accrual accounting not the cash accounting . It was earlier under IND-AS 9 , but as now IFRS is used so this is termed as IFRS 15. IFRS 15 is applicable for annual reporting periods beginning on or after 1 st January 2018. The main objective is to establish the principles that an organization shall apply to report useful information to users of financial statements which is external or internal about the nature, amount, timing and uncertainty of revenue and cash flows arising from contract. Main Steps required for r

  IFRS-International Financial Reporting Standard   The finance and accounting profession is emerging as a fast-growing profession. While,  General Accepted Accounting Principles (GAAP)  are becoming less prevalent and  IFRSs  are gaining momentum worldwide. These standards have  The worldwide acceptance of these international standards has created a potential demand for the IFRS professionals. The companies prefer to recruit those candidates who are having an expertise in these international standards apart from their normal specialization in finance and accounting. Thus, creating a huge demand for IFRS professionals. The proficiency in these international standards is highly recommended for Chief Accountant, Chief Financial Officer, Finance Managers, Bank Managers, Financial Controllers, Accountants, Financial Analyst, Auditors and Portfolio Managers. Let’s get a detailed knowledge about IFRS basic. IFRS full form International Financial Reporting Standard. It is a set o