IFRS 15 Revenue from contracts with customers


Every profit oriented organisation wants to maximise its profit, thus revenue. The core principle of IFRS 15 standard requires an entity to recognise revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to in exchange for transferring those goods or services to the customer. A question arises, how can we define the consideration that an entity expects to be entitled to in exchange for goods? How to recognise revenue if within one contract we sell one good and also a service for a total price of CU 1,000 for example? What amount shall be recognised as revenue if customer can claim refund for 3 months after delivery? 

There are many interesting questions related to revenue recognition. IFRS 15 standard does not distinguish between sales of goods, services or construction contracts. It defines transactions based on performance obligations satisfied over time versus point in time. This course explains the scope of IFRS 15 standard, after which the 5 step approach is explained in detail using practical examples and interim tests to enhance understanding.  

This course will enable you to:

  • decide if the item of income is in the scope of the IFRS 15 standard
  • understand IFRS 15 standard's 5 step approach
  • identify the contract with the customer, including situations of contract combination and contract modification
  • determine the transaction price by understanding the complexities including the effects of variable consideration, significant financing component, non-cash consideration, variable consideration, etc. 
  • allocate the transaction price
  • define the revenue recognition pattern at a point in time or over time    

Further information:

  • Training hours: 60 minutes 
  • Languages: English

This e-learning course is part of an e-learning series designed by PwC Academy Hungary which aims to provide a comprehensive overview of the application of IFRS (IAS) standards to finance and accounting experts who are already familiar with fundamental (local) accounting and reporting processes.


Required fields are marked with an asterisk(*)

By submitting your email address, you acknowledge that you have read the Privacy Statement and that you consent to our processing data in accordance with the Privacy Statement (including international transfers). If you change your mind at any time about wishing to receive the information from us, you can send us an email message using the Contact Us page.

Contact us

Ana Cetkovic

Ana Cetkovic

PwC's Academy Coordinator, PwC Montenegro

Tel: +382 67 643 304