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What is AASB 118 and IFRS 15 Revenue Changes about?

This document discusses the theoretical foundations of accounting standards for revenue recognition and leases. It reviews the historical Australian accounting standards AASB 118 and AASB 111, and discusses how they were replaced by the new international standard IFRS 15. IFRS 15 changed revenue recognition practices for many Australian companies by providing more guidance on contracts with multiple elements and separating elements like services from sales. The document also notes some differences in how pr

Author

tanmay agrawal

Language

EN