Topic : IFRS 15, Revenue from Contracts with Customers

REQUIRED

Based on the topic answer the questions below.

1. Explain the main reasons why IASB issued the new or revised standard [Hint: You could look for journal articles on this subject].

2. Compare the standard with the conceptual framework and evaluate whether the changes have led to greater or less consistency with the framework [Hint: You could consider issues like definitions]

3. Discuss some of the challenges and implications of adopting the new standard. Consider this from a global perspective as well as a Pacific perspective [Hint: You could look at relevant internet sites and forums, seek opinions from practicing accountants etc].

Note : Include 8 reference.