IFRS 15 Revenue from Contracts with Customers
E453764
IFRS 15 Revenue from Contracts with Customers is an international accounting standard that sets out a comprehensive, principles-based framework for recognizing revenue from customer contracts across industries.
All labels observed (3)
| Label | Occurrences |
|---|---|
| IFRS 15 Revenue from Contracts with Customers canonical | 5 |
| IFRS 15 | 1 |
| Topic 606 Revenue from Contracts with Customers | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T4575837 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: IFRS 15 Revenue from Contracts with Customers Context triple: [IFRS, includesStandard, IFRS 15 Revenue from Contracts with Customers]
-
A.
FASB Accounting Standards Codification
The FASB Accounting Standards Codification is the single, authoritative source of nongovernmental U.S. GAAP, organizing all relevant accounting standards into a comprehensive, structured framework.
-
B.
IFRS
IFRS (International Financial Reporting Standards) is a globally used set of accounting standards designed to bring transparency, comparability, and consistency to financial statements across different countries.
-
C.
ASC 842 Leases
ASC 842 Leases is the U.S. GAAP accounting standard that overhauled lease accounting by requiring most leases to be recognized on the balance sheet as right-of-use assets and lease liabilities.
-
D.
International Financial Reporting Standards
International Financial Reporting Standards are a globally recognized set of accounting rules and principles designed to bring transparency, consistency, and comparability to financial statements across different countries.
-
E.
ASC 718 Compensation—Stock Compensation
ASC 718 Compensation—Stock Compensation is the U.S. GAAP accounting standard that provides guidance on the recognition, measurement, and disclosure of share-based payment arrangements, such as stock options and restricted stock, granted to employees and other service providers.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: IFRS 15 Revenue from Contracts with Customers Target entity description: IFRS 15 Revenue from Contracts with Customers is an international accounting standard that sets out a comprehensive, principles-based framework for recognizing revenue from customer contracts across industries.
-
A.
FASB Accounting Standards Codification
The FASB Accounting Standards Codification is the single, authoritative source of nongovernmental U.S. GAAP, organizing all relevant accounting standards into a comprehensive, structured framework.
-
B.
IFRS
IFRS (International Financial Reporting Standards) is a globally used set of accounting standards designed to bring transparency, comparability, and consistency to financial statements across different countries.
-
C.
ASC 842 Leases
ASC 842 Leases is the U.S. GAAP accounting standard that overhauled lease accounting by requiring most leases to be recognized on the balance sheet as right-of-use assets and lease liabilities.
-
D.
International Financial Reporting Standards
International Financial Reporting Standards are a globally recognized set of accounting rules and principles designed to bring transparency, consistency, and comparability to financial statements across different countries.
-
E.
ASC 718 Compensation—Stock Compensation
ASC 718 Compensation—Stock Compensation is the U.S. GAAP accounting standard that provides guidance on the recognition, measurement, and disclosure of share-based payment arrangements, such as stock options and restricted stock, granted to employees and other service providers.
- F. None of above. chosen
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
Accounting standard
ⓘ
International Financial Reporting Standard ⓘ Revenue recognition standard ⓘ |
| alignedWith | ASC 606 Revenue from Contracts with Customers ⓘ |
| appliesIn | IFRS-reporting jurisdictions worldwide ⓘ |
| appliesTo | Contracts with customers ⓘ |
| corePrinciple |
Recognize revenue in an amount that reflects the consideration expected in exchange for those goods or services
ⓘ
Recognize revenue to depict the transfer of promised goods or services to customers ⓘ |
| definesConcept |
Consideration payable to a customer
ⓘ
Contract asset ⓘ Contract liability ⓘ Contract with a customer ⓘ Costs to fulfil a contract ⓘ Incremental costs of obtaining a contract ⓘ Non-cash consideration ⓘ Performance obligation ⓘ Significant financing component ⓘ Transaction price ⓘ Variable consideration ⓘ |
| developedWith |
FASB
ⓘ
linked to:
Financial Accounting Standards Board
US Financial Accounting Standards Board ⓘ
linked to:
Financial Accounting Standards Board
|
| doesNotApplyTo |
Certain non-monetary exchanges between entities in the same line of business
ⓘ
Financial instruments ⓘ Insurance contracts ⓘ Lease contracts ⓘ |
| earlyApplicationPermitted | Yes ⓘ |
| effectiveDate | 1 January 2018 ⓘ |
| hasAbbreviation | IFRS 15 ⓘ |
| introducesModel | Five-step revenue recognition model ⓘ |
| issuedBy |
IASB
ⓘ
linked to:
International Accounting Standards Board
International Accounting Standards Board ⓘ |
| measurementBasis | Amount of consideration expected to be entitled to ⓘ |
| objective | Establish principles for reporting useful information about the nature, amount, timing and uncertainty of revenue and cash flows from contracts with customers ⓘ |
| recognitionBasis | Transfer of control of goods or services ⓘ |
| requires |
Allocation of discounts and variable consideration to performance obligations
ⓘ
Assessment of whether performance obligations are satisfied over time or at a point in time ⓘ Constraint on variable consideration to avoid significant revenue reversals ⓘ Extensive qualitative and quantitative disclosures about revenue ⓘ |
| stepOfModel |
Allocate the transaction price to the performance obligations in the contract
ⓘ
Determine the transaction price ⓘ Identify the contract with a customer ⓘ Identify the performance obligations in the contract ⓘ Recognize revenue when or as the entity satisfies a performance obligation ⓘ |
| supersedes |
IAS 11 Construction Contracts
ⓘ
IAS 18 Revenue ⓘ IFRIC 13 Customer Loyalty Programmes ⓘ
linked to:
IFRIC Interpretations
IFRIC 15 Agreements for the Construction of Real Estate ⓘ
linked to:
IFRIC Interpretations
IFRIC 18 Transfers of Assets from Customers ⓘ
linked to:
IFRIC Interpretations
SIC-31 Revenue—Barter Transactions Involving Advertising Services ⓘ |
| topic | Revenue recognition ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: IFRS 15 Revenue from Contracts with Customers Description of subject: IFRS 15 Revenue from Contracts with Customers is an international accounting standard that sets out a comprehensive, principles-based framework for recognizing revenue from customer contracts across industries.
Referenced by (7)
Full triples — surface form annotated when it differs from this entity's canonical label.
International Financial Reporting Standards
→
hasStandard
→
IFRS 15 Revenue from Contracts with Customers
ⓘ
FASB Accounting Standards Codification
→
includesStandard
→
Topic 606 Revenue from Contracts with Customers
ⓘ
linked to: IFRS 15 Revenue from Contracts with Customers
linked to: IFRS 15 Revenue from Contracts with Customers