The new IFRS 15 on revenue recognition came into effect on 1 January 2018. It replaces IAS 11 on construction contracts and IAS 18 on the sale of goods and rendering of services, and all the associated interpretations.
In July 2016, ESMA published recommendations encouraging entities to adopt a gradual approach in terms of reporting on the expected impacts of IFRS 15 between that date and the first application of the standard. The European regulator supplemented these recommendations ahead of the 2017 reporting date, so the information published by listed European companies at 31 December 2017 is of particular interest and value for assessing the extent of the changes brought about by the application of IFRS 15.
This study has been prepared using a sample (see Methodology at the end of the publication) consisting of 73 European industrial and services entities with a reporting date of 31 December, with the exception of one entity (which reported at 30 September 2017).
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