Which accounting standard is primarily concerned with the recognition of revenue

Which accounting standard is primarily concerned with the recognition of revenue from long-term projects?

Which accounting standard is primarily concerned with the recognition of revenue from long-term projects?

Step 1: Understand that revenue recognition is how companies report income from their sales.
Step 2: Identify that long-term projects often involve contracts with customers.
Step 3: Learn that there are specific accounting standards that guide how to recognize revenue.
Step 4: Find out that IFRS 15 is the standard that focuses on revenue recognition from contracts with customers.
Step 5: Conclude that IFRS 15 applies to long-term projects as it provides guidelines for recognizing revenue over time.

No concepts available.