The objective of IFRS 15 is to establish the principles that will be used when reporting on the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer. It has replaced a number of accounting standards, notably IAS 18, which was the previous Revenue standard. Because it is now the primary source for revenue recognition guidance, IFRS 15 impacts all companies Compared to IAS 18, the IFRS 15 reporting framework can dramatically impact how and when your organization reports revenue, and it can do so in surprising ways. Field of Study: Accounting