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Revenue Recognition standard for hospitality, service, technology and construction industries
Updated on Sep, 2026
Finance and Accounting, Compliance, International Financial Reporting Standards(IFRS)
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The objective of IFRS 15 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer.
IFRS is aimed to bring consistency in reporting across industries and ensure relevant information is available to users making decisions.
The core principle of IFRS 15 is that an entity will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
This core principle is delivered in a five-step model:
In this course, we will explore all five steps in detail and their practical implications. We also explore how we can get around with implementing the Standard.
Revenue recognition standard.
How to record revenue for startups and packages.
How to record revenue for service companies.
Basic accounting practices.
Basic accounting principles.
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