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Accounting Update 15 - Revenue
The International Accounting Standards Board (IASB) has issued a new standard, IFRS 15 Revenue from Contracts with Customers on 28 May 2014.
The core principle of the new revenue model is that an entity should recognize revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
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