Document ID: chunk:federal_register_of_legislation:F2023C00402:front:0:p2
Version: federal_register_of_legislation:F2023C00402
Segment Type: other
Provision Reference: 
Character Range: 3080–6242

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 application of this Standard 123
Determining the timing of satisfaction of performance obligations 124
Determining the transaction price and the amounts allocated to performance obligations 126
Assets recognised from the costs to obtain or fulfil a contract with a customer 127
Practical expedients 129
Commencement of the legislative instrument
Appendices
A  Defined terms
A.1  Australian defined terms
B  Application guidance
C  Effective date and transition
E  Australian simplified disclosures for Tier 2 entities
F  Australian implementation guidance for not-for-profit entities
G  Australian implementation guidance for not-for-profit public sector licensors
Australian illustrative examples for not-for-profit entities
Australian illustrative examples for not-for-profit public sector licensors

COMPILATION DETAILS
DELETED IFRS 15 TEXT

BASIS FOR CONCLUSIONS ON AASB 2016-8
BASIS FOR CONCLUSIONS ON AASB 2018-4
BASIS FOR CONCLUSIONS ON AASB 2019-6
BASIS FOR CONCLUSIONS ON AASB 2022-3

available on the AASB website
Introduction to IFRS 15
Illustrative examples for IFRS 15
Basis for Conclusions on IFRS 15

Australian Accounting Standard AASB 15 Revenue from Contracts with Customers (as amended) is set out in paragraphs 1 – 129 and Appendices A – C and E – G. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendices A and A.1 are in italics the first time they appear in the Standard. AASB 15 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with IFRS 15
AASB 15 Revenue from Contracts with Customers as amended incorporates IFRS 15 Revenue from Contracts with Customers as issued and amended by the International Accounting Standards Board (IASB). Australian‑specific paragraphs (which are not included in IFRS 15) are identified with the prefix "Aus". Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 15 also comply with IFRS 15.
Not-for-profit entities' compliance with IFRS 15 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IFRS 15.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian