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Compiled AASB Standard  AASB 15

Revenue from Contracts with Customers

This compiled Standard applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026.  Earlier application is permitted for annual periods beginning before 1 January 2023.  It incorporates relevant amendments made up to and including 15 December 2022.
Prepared on 6 April 2023 by the staff of the Australian Accounting Standards Board.

Compilation no. 8

Compilation date:  31 December 2022

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© Commonwealth of Australia 2023
This compiled AASB Standard contains IFRS Foundation copyright material. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
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Contents

COMPARISON WITH IFRS 15
ACCOUNTING STANDARD
AASB 15 REVENUE FROM CONTRACTS WITH CUSTOMERS

from paragraph
Objective 1
Meeting the objective 2
Scope 5
Recognition exemptions (paragraphs G22–G27) Aus8.1
Recognition
Identifying the contract 9
Combination of contracts 17
Contract modifications 18
Identifying performance obligations 22
Promises in contracts with customers 24
Distinct goods or services 26
Satisfaction of performance obligations 31
Performance obligations satisfied over time 35
Performance obligations satisfied at a point in time 38
Measuring progress towards complete satisfaction of a performance obligation 39
Measurement 46
Determining the transaction price 47
Variable consideration 50
The existence of a significant financing component in the contract 60
Non-cash consideration 66
Consideration payable to a customer 70
Allocating the transaction price to performance obligations 73
Allocation based on stand-alone selling prices 76
Allocation of a discount 81
Allocation of variable consideration 84
Changes in the transaction price 87
Contract costs
Incremental costs of obtaining a contract 91
Costs to fulfil a contract 95
Amortisation and impairment 99
Presentation 105
Disclosure 110
Contracts with customers 113
Disaggregation of revenue 114
Contract balances 116
Performance obligations 119
Transaction price allocated to the remaining performance obligations 120
Significant judgements in the