IFRS Revenue Recognition (IFRS 15 / Section 23)

Overview

Revenue recognition policy in Chwezi systems follows IFRS for SMEs Section 23 by default and IFRS 15 for full-IFRS entities. The two standards converge on outcome for most simple sales; they diverge on multi-element, long-duration, and variable-consideration contracts.

Required first reads

• doctrine/accounting-finance-doctrine.md
• doctrine/references/ifrs-for-smes-default.md (Section 23)
• doctrine/references/full-ifrs-overlay.md (IFRS 15)
• doctrine/references/tax-vat-and-returns.md (VAT interaction)
• doctrine/references/chart-of-accounts.md

Section 23 (IFRS for SMEs) summary

Revenue from sale of goods is recognised when: