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Friday 19 September 2014

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Revenue Recognition

Revenue Recognition


 Revenue Recognition

Project objective

Revenue is a crucial number to users of the financial statements in assessing a company’s performance and prospects. The objective of this project was to clarify the principles for recognising revenue from contracts with customers. It applies to all contracts with customers except leases, financial instruments and insurance contracts.

Project stages

Board deliberations

Stage 1: completed 2002

Board deliberations

Issued documents

Stage 2: completed December 2008

Feedback on Discussion Paper

Issued documents

Stage 3: completed June 2010
Stage 4: completed November 2011