IFRS 15 Revenue from contracts

Income, as defined by the IASB’s Conceptual Framework, includes both revenues and gains. Revenue is income arising in the ordinary course of an entity’s activities and it may be called different names, such as sales, fees, interest, dividends or royalties.
IFRS 15, Revenue from Contracts with Customers establishes a single comprehensive framework for accounting for the majority of contracts that result in revenue.
Revenue recognition is straightforward in most business transactions, but can be complicated in some situations.