IFRS Example Interim Condensed Consolidated Financial Statements 2026 publication now available.
This article deals with the two-step approach to assessing a principal-agent relationship in cases where a third party is involved in providing the goods or services to the customer.
IFRS 15 ‘Revenue from Contracts with Customers’, was jointly developed by the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) to align revenue reporting practices under IFRS and US GAAP. The objective of the standard is not to alter the definition of revenue, but to improve comparability by establishing a clear framework for recognising and measuring revenue.
