IFRS 15 Revenue from Contracts with Customers + Free Checklist, relevant in 2026

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2026 note: This IFRS 15 summary remains relevant. IFRS 15 Revenue from Contracts with Customers covers the five-step model for recognizing revenue, including contracts, performance obligations, transaction price, allocation and revenue recognition over time or at a point in time.
This video is a short practical summary of IFRS 15. It does not replace the full standard. You can access the official IFRS Standards through the IFRS Foundation’s website.
Content:
00:00 Introduction
00:32 Guidance on revenue recognition
02:05 Scope of IFRS 15
03:06 Five-step model for revenue recognition
04:32 Step 1: Identify the contract with the customer
06:23 Step 2: Identify the performance obligations
08:21 Step 3: Determine the transaction price
10:33 Step 4: Allocate the transaction price to the performance obligations
14:33 Step 5: Recognize revenue when or as the entity satisfies a performance obligation
16:02 Contract costs
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