Accounting · IFRS 15 - Revenue Recognition
Which of the following correctly reflects how revenue should be recognised in accordance with IFRS 15 (Revenue from Contracts with Customers)? Statement 1: Revenue should be recognised as an entity satisfies a performance obligation. Statement 2: Progress towards completion on a contract must be measured solely on an input basis.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Only Statement 2 is correct
- 2Only Statement 1 is correct✓
- 3Both statements are incorrect
- 4Both statements are correct
Correct answer
Only Statement 1 is correct
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Accounting?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice IFRS 15 - Revenue Recognition MCQs →Want more practice questions on IFRS 15 - Revenue Recognition?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Accounting · IFRS 15 - Revenue Recognition