Abstract:
MFRS 15: Revenue from Contracts with Customers is a Malaysian Financial Reporting Standard that establishes a comprehensive framework for recognizing revenue. It aligns with the IFRS 15 standard and supersedes previous standards such as MFRS 118 (Revenue) and MFRS 111 (Construction Contracts). MFRS 15 provides a single, principles-based model for revenue recognition to ensure that revenue is recognized in a way that reflects the transfer of control of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled.
