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    IFRS 15 Explained: Full Guide on 5-step Model for Revenue Recognition + Free Journal Entries Template

    by Silvia

    Updated: April 2025 IFRS 15 sets out the 5-step model for recognizing revenue from contracts with customers. This guide simplifies each step with practical examples — including a telecom contract case — plus it includes a free video lecture and downloadable IFRS 15 Journal Entry…

    IFRS Videos, Revenue Recognition 6

    Distinct or not distinct under IFRS 15?

    by Silvia

    How to determine whether the performance obligations in the contract are distinct or not distinct under IFRS 15? Find out here, with example included!

    Revenue Recognition 10
    IAS 38 Software

    Accounting for the sales of software licenses with subsequent updates

    by Silvia

    How to apply 5-step model of IFRS 15 to the licenses of intellectual property? Are there any special considerations? Learn here!

    Revenue Recognition 20

    How to account for barter transactions?

    by Silvia

    How to account for exchanges of inventories or long-term assets under IFRS? Or other barter transactions? Learn here!

    Current Assets, IFRS Videos, Revenue Recognition 28
    IFRS settlement discount

    How to account for settlement discounts under IFRS 15?

    by Silvia

    Should you recognize settlement discount as a cost at the time when the payment is received? Or, should you adjust revenue? How? Learn here!

    Revenue Recognition 20
    IFRS Agent or principal

    We rent apartments and supply utilities with rent. Are we agent or principal?

    by Silvia

    If you are using third-party supplies within your product or service, are you an agent or a principal? How should you recognize revenue in this case? Learn here!

    Revenue Recognition 5
    IFRS Breakage

    How to account for gift cards?

    by Silvia

    How to account for sale of gift cards? What do to when the customers don’t redeem them? Find out here!

    Revenue Recognition 30

    Contract Asset vs. Trade Receivable – What’s the Difference?

    by Silvia

    What is the difference between contract asset and receivable? When to book a contract asset and when a receivable? Learn here (with example)!

    Current Assets, Financial Instruments, IFRS Videos, Revenue Recognition 62
    IFRS Warranty

    How to account for warranties under IFRS 15?

    by Silvia

    Should you book a provision for warranties under IFRS? Or, is it a separate performance obligation and you should allocate some revenue to it? Find out here!

    Revenue Recognition 21

    IFRS 2019 Update: Major changes you should be aware of

    by Silvia

    Here we go again – another year has started and a number of changes or amendments of IFRS came into effect. I am pretty sure that you are aware of the biggest ones like new IFRS 16, but let me sum up all the new…

    Accounting Policies and Estimates, Consolidation and Groups, Financial Instruments, Financial Statements, Provisions and Other Liabilities, Revenue Recognition 37
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