IFRS 15
IFRS 15 is an international accounting standard issued by the International Accounting Standards Board (IASB) that provides a comprehensive framework for revenue recognition from contracts with customers. It establishes principles for reporting useful information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from such contracts. The standard applies to all entities that prepare financial statements under International Financial Reporting Standards (IFRS).
Developers should learn IFRS 15 when working on financial software, enterprise resource planning (ERP) systems, or accounting applications that require compliance with international accounting standards. It is essential for implementing revenue recognition logic in software that handles customer contracts, subscription billing, or complex sales arrangements, ensuring accurate financial reporting and regulatory adherence. Knowledge of IFRS 15 is particularly valuable in industries like software-as-a-service (SaaS), telecommunications, and construction where revenue recognition can be complex.