Impact of IFRS 15 on information quality in financial statements

Abstract

The implementation of the International Financial Reporting Standard 15 (IFRS 15) titled "Revenue from Contracts with Customers" has brought about substantial changes in the approach to revenue recognition. This standard aims to promote uniformity and clarity in the presentation of financial information across various industries and geographical locations. By adhering to the International Financial Reporting Standards (IFRS) 15, organisations are able to present a transparent and precise representation of their revenue sources. The utilisation of comparable financial information plays a vital role in instilling confidence within the global financial market, as it facilitates informed decision-making for investors, stakeholders, and regulatory bodies. This article examines the impact of the implementation of IFRS 15 on the quality of information in financial reports, specifically focusing on the alterations made in the presentation and explanation of information.