Sangam17

International Financial Reporting Standards 15 (IFRS 15) is a new Revenue recognition standard, jointly issued by International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB).

This new  standard creates a five step model for revenue recognition from contracts with customers. The core principle of IFRS 15 is about defining a contract with distinct individual performance obligations, associating a transaction price for each of those obligations and recognizing the revenue against the fulfillment of the respective obligations. The introduction of this standard will have impact on organizations across various industries as it brings in a major shift in the way revenue is currently being recognized. It will also necessitate changes in systems and processes that are followed by organizations.In its endeavor to support its customers to embrace this change, Oracle EBS Projects is coming up with an enhancement .This session will give an overview of the same.