IFRS 15 New global revenue standard - Construction focus

Oliver O'Connor Oliver O'Connor


This publication is focused on Construction. The new Standard replaces IAS 18 ‘Revenue’, IAS 11 ‘Construction Contracts’, and some revenue-related Interpretations with a control-based model centred around the following 5-steps:

  • step 1: Identify the contract with a customer;
  • step 2: Identify the performance obligations;
  • step 3: Determine the transaction price;

Other sectors focus insights are available for Software and cloud services, Life Sciences, Real Estate, Manufacturing and Retail.