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Final stage

In May 2014, the International Accounting Standards Board issued a new IFRS® Standard to provide clear principles on when—and how much—revenue should be recognised. IFRS 15 Revenue from Contracts with Customers replaces IAS 18 Revenue and IAS 11 Construction Contracts, and their related IFRIC® Interpretations. IFRS 15 has an effective date of 1 January 2018, but earlier adoption is permitted.