IFRS 15 replaced which previous standard?

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Study for the AAT Level 4 Drafting and Interpreting Financial Statements exam. With flashcards and multiple choice questions, each question offers hints and explanations to boost your confidence and ensure exam readiness!

Multiple Choice

IFRS 15 replaced which previous standard?

Explanation:
IFRS 15 brings a single, uniform approach to recognizing revenue from contracts with customers, replacing the older rules that covered revenue in pieces. The main old standard it replaced is IAS 18 Revenue (and it also superseded IAS 11 Construction Contracts for certain contract-type revenue). So, among the options, the standard IFRS 15 replaced is IAS 18. The other standards listed deal with different areas—IFRS 16 covers leases, IFRS 9 covers financial instruments, and IAS 1 covers how financial statements are presented—so they aren’t the ones IFRS 15 replaced.

IFRS 15 brings a single, uniform approach to recognizing revenue from contracts with customers, replacing the older rules that covered revenue in pieces. The main old standard it replaced is IAS 18 Revenue (and it also superseded IAS 11 Construction Contracts for certain contract-type revenue). So, among the options, the standard IFRS 15 replaced is IAS 18. The other standards listed deal with different areas—IFRS 16 covers leases, IFRS 9 covers financial instruments, and IAS 1 covers how financial statements are presented—so they aren’t the ones IFRS 15 replaced.

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