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Accounting for Revenue under IFRS 15
IFRS 15 Revenue from Contracts with Customers is the new Revenue Standard effective 1 January 2018. The Standard involves a 5 step model approach.
IFRS 15: revenue from customer contracts
After more than five years in development the IASB and FASB have at last published their new, converged Standard on revenue recognition – IFRS 15 ‘Revenue from Contracts with Customers’. IFRS 15 replaces IAS 18 and IAS 11 and will affect almost every revenue-generating entity that applies IFRSs. We applaud the two Boards for delivering a converged Standard in this critical area.
A new global standard on revenue – Manufacturing industry
Grant Thornton looks at the potential impact of IFRS 15 'Revenue from Contracts with Customers' for revenue recognition in the manufacturing industry.
A new global standard on revenue – retail industry
Grant Thornton looks at the potential impact of IFRS 15 'Revenue from Contracts with Customers' for revenue recognition in the retail industry.
Grant Thornton grows global revenues to a record USD8 billion
Grant Thornton International Ltd today announced its global revenues grew to a record USD8 billion for the financial year ended 30 September 2024.
Grant Thornton grows global revenues by 13.7%* to USD7.2 billion
Grant Thornton International Ltd today announced its revenues grew to a record USD7.2 billion for the financial year ended 30 September 2022, up from USD6.6bn in 2021. This represents growth of 13.7% in constant currency terms*. All major service lines and regions achieved double-digit growth in constant currency during another challenging year in many markets.
Grant Thornton grows global revenues to a record USD8.5 billion
Grant Thornton International Ltd today announced record global revenues of USD8.5 billion for the financial year ended 30 September 2025.
Grant Thornton grows global revenues to a record USD7.5 billion
Grant Thornton International Ltd today announced its global revenues grew to a record USD7.5 billion for the financial year ended 30 September 2023.
Grant Thornton grows global revenues from USD5.8 billion to a record USD6.6 billion
Grant Thornton International Ltd today announced its revenues grew from USD5.8 billion to a record USD6.6 billion for the financial year ended 30 September 2021 (up 14.3%). Over half of Grant Thornton member firms globally achieved double-digit growth in constant currency terms* during a challenging year.
Step 2 – Identifying a performance obligation
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.
