Principal or Agent – Revenue or Liability?
Last update: July 2026 What you will find here: 1. Free VIDEO lecture: IFRS 15 Principal vs Agent: Revenue gross or net? 2. Main IFRS 15 rule: Should you account for revenues net or gross? 3. Illustration: Principal and agent 4. IFRS 15 Indicators of…
IFRS 15 Explained: Full Guide on 5-step Model for Revenue Recognition + Free Journal Entries Template
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…
Distinct or not distinct under IFRS 15?
How to determine whether the performance obligations in the contract are distinct or not distinct under IFRS 15? Find out here, with example included!
Accounting for the sales of software licenses with subsequent updates
How to apply 5-step model of IFRS 15 to the licenses of intellectual property? Are there any special considerations? Learn here!
How to account for barter transactions?
How to account for exchanges of inventories or long-term assets under IFRS? Or other barter transactions? Learn here!
How to account for settlement discounts under IFRS 15?
Should you recognize settlement discount as a cost at the time when the payment is received? Or, should you adjust revenue? How? Learn here!
We rent apartments and supply utilities with rent. Are we agent or principal?
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!
How to account for gift cards?
How to account for sale of gift cards? What do to when the customers don’t redeem them? Find out here!
Contract Asset vs. Trade Receivable – What’s the Difference?
What is the difference between contract asset and receivable? When to book a contract asset and when a receivable? Learn here (with example)!
How to account for warranties under IFRS 15?
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!
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