IFRS 15 ‘Revenue from Contracts with Customers’ was jointly developed by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) to harmonise revenue reporting under IFRS and US GAAP. In this article, we explore how to assess principal versus agent relationships and their impact on revenue recognition.
Our ‘Insights into IFRS 2’ series explains the fundamentals of accounting for share-based payments and helps reporting entities navigate the complexities of the Standard. This article provides an overview of the objective and scope of IFRS 2, including the types of transactions to which it applies.
Accurate and consistent revenue recognition is a cornerstone of sound financial reporting for all businesses, ensuring comparability across industries and markets. The objective of IFRS 15 ‘Revenue from Contracts with Customers’ is not to alter the definition of revenue, but to improve comparability by establishing a clear framework for recognising and measuring revenue.
Accurate and consistent revenue recognition is a cornerstone of sound financial reporting for all businesses, ensuring comparability across industries and markets. The objective of IFRS 15 ‘Revenue from Contracts with Customers’ is not to alter the definition of revenue, but to improve comparability by establishing a clear framework for recognising and measuring revenue.
Our ‘Example Interim Condensed Consolidated Financial Statements 2026’ publication provides practical guidance and illustrative disclosures to support reporting entities in preparing interim financial statements in accordance with IFRS. This article focuses on the application of IAS 34 for a six-month interim reporting period ending 30 June 2026.
Our 'Insights into IFRS 15' series summarises the key areas of the Standard, highlighting some areas that are challenging to apply in practice, to assist reporting entities in understanding how to apply IFRS 15's requirements. This article focuses on identifying a contract with a customer and the criteria that must be met before revenue can be recognised.
Our 'IFRS Example Consolidated Financial Statements 2025' publication provides practical guidance and illustrative disclosures to help reporting entities understand and apply the latest IFRS Accounting Standards. This article highlights key presentation and disclosure requirements, including the impact of IFRS 18 on financial reporting.
Our ‘Insights into IFRS 15’ series summarises the key areas of the Standard, highlighting some areas that are challenging to apply in practice, to assist reporting entities in understanding how to apply IFRS 15’s requirements. This article focuses on the objective and scope of IFRS 15.
IFRS Alerts covering the latest International Financial Reporting Standards (IFRS), Interpretations of Standards (IFRIC) or amendments to existing IFRS Standards published by the International Accounting Standards Board (IASB).
We have released the first Grant Thornton International IFRS Sustainability Disclosure Standards - Example Sustainability-related Financial Disclosures.
IFRS 18 replaces IAS 1 ‘Presentation of Financial Statements’ for annual reporting periods beginning on or after 1 January 2027. Our ‘Insights into IFRS 18’ series explains the new requirements of IFRS 18, highlighting some areas of the standard that we believe will be challenging to apply in practice.
We have released the 2026 edition of our annual publication Navigating the Changes to IFRS, updated for the changes to IFRS Accounting Standards issued in 2025.
IFRS 18 is the new financial statements presentation and disclosure standard and this will replace the existing IAS 1 'Presentation of Financial Statements' standard that has been in use for many years.
On 2 May 2024, the long-awaited and highly anticipated interoperability guidance has been jointly issued by the IFRS Foundation and European Financial Reporting Advisory Group (EFRAG).
The International Sustainability Standards Board (ISSB) has published amendments to the SASB Standards which aim to strengthen their international applicability. The amendments are intended to help reporting entities apply the SASB Standards regardless of the jurisdiction they are in or the generally accepted accounting principles (GAAP) they report under. However, they are not intended to significantly alter the structure or intent of the SASB Standards.