IFRS 15 – REVENUE RECOGNITION FROM CONTRACTS WITH CUSTOMERS UNDER IFRS 15: CHALLENGES AND POLICY IMPLICATIONS FOR ADOPTION IN VIETNAM

Abstract

This article analyzes International Financial Reporting Standard No. 15 (IFRS 15) – Revenue from Contracts with Customers from a theoretical and practical perspective applied in Vietnam. Based on the presentation of core principles and the five-step revenue recognition process under IFRS 15, the article discusses changes compared to previous accounting standards. The results show that IFRS 15 provides a unified and more transparent framework for revenue, but also poses challenges in implementation in Vietnamese enterprises, especially related to determining performance obligations, estimating variable transaction prices and accounting for contract costs. The article emphasizes the significance of applying IFRS 15 in enhancing transparency, comparability and international integration of Vietnamese corporate financial statements.