Episode 92: PwC IFRS Talks IFRS 15, over time revenue contracts

Katie Woods, an expert in IFRS 15 and revenue recognition, shares her insights into the complexities of accounting for over-time revenue contracts. She breaks down the three criteria that define such contracts and explains the significance of progress measurement methods. The discussion highlights the challenges of revenue recognition in construction contracts, especially with multiple performance obligations. Additionally, Woods emphasizes the critical aspects of contract modifications and the need for careful assessments of pricing and allocation to ensure accurate revenue reporting.