The Application of the core principle in IFRS 15. To ensure the compliance with federal decree law
Ensuring compliance with Federal Decree No. 47 of 2022 for corporate taxation relies heavily on following IFRS guidelines. When it comes to recognizing Revenue from Contracts with Customers, it’s crucial to follow the 5-step model.
1.Identify the Contract
2.Identify Separate Performance Obligations
3.Determine the Transaction Price
4.Allocate the Transaction price to Performace obligations
5.Recognize revenue as or when each performance obligation is satisfied
