According to IFRS 15,revenue is 'income arising in the course of an entity's ordinary activities.' Income represents an increase in 'economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity,other than those relating to contributions from equity participants'.(IFRS 15)

Question

Quizplus · Accepted Answer

This statement accurately represents the definition of revenue according to IFRS 15, including the criteria of being an increase in economic benefits and not including contributions from equity participants.

According to IFRS 15,revenue Is 'Income Arising in the Course