Page 394 - SBR Integrated Workbook STUDENT S18-J19

Chapter 24

IFRS Standards FRS 102

IFRS 15 Revenue from

Contracts with Customers

Splits revenue accounting into:
sale of goods, provision of
Approach Adopts a five stage approach.
services, and construction
contracts.

IFRS 16 Leases

Lessees classify leases as
Lessees recognise an asset and finance leases or operating
Approach a liability for all leases unless leases. A liability and asset is
short-term or of minimal value. only recognised in respect of
finance leases.

Further detail on these UK standards can be found in Section 3 of
Chapter 24 in your Study Text.

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