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Preparing basic financial statements

IFRS 15 Revenue from contracts with

customers

IFRS 15 defines revenue as ‘income arising in the course of an entity’s ordinary
activities’ (IFRS 15, Appendix A).

This IFRS Standard specifies a five-step approach to recognition of revenue:

Step 1:

Step 2:

Step 3:

Step 4:

Step 5:

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