IFRS 15 is an International Financial Reporting Standard (IFRS) published by the International Accounting Standards Board (IASB) providing guidance on accounting for revenue from contracts with customers. The standard, which became effective in January 2018, necessitates suppliers to recognize revenue as it arises, thus giving due cognizance to the timing of delivery and customer acceptance thereof.

Effective compliance to the 5-step framework prescribed under IFRS 15 requires a sound contract management foundation – one that connects the traditional enterprise silos and ensures seamless collaboration between the contract, delivery and finance functions.

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