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2000 words :
The new revenue standard will significantly affect the revenue recognition practices of most companies. The new standard provides a
comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and
industries. Revenue recognition is one of the areas of concern for accountants while preparing financial reports. IASB came up with IAS 18
for revenue recognition but the standard was later replaced by IFRS 15 owing to deficiencies in IAS 18.
You are required to write a report covering the following points:
1. An analysis of revenue recognition issues.
2. Background and main accounting principles of IAS 18 Revenue.
3. Shortcomings in IAS 18 which led to its cancellation.
4. An analysis of IFRS 15 as to how it overcame shortcomings of IAS 18.
5. Your Conclusion should include a summary of major changes in revenue recognition principlesØ²