paragraphs 110-112

BC330 The boards decided that, consistently with other recent Standards, IFRS 15 should specify an objective for the revenue disclosures. In the boards' view, a clear objective improves the interpretation and implementation of the disclosure requirements. This is because a preparer can assess whether the overall quality and informational value of its revenue disclosures are sufficient to meet the stated objectives. The boards also observed that specifying an overall disclosure objective avoids the need for detailed and prescriptive disclosure requirements to accommodate the many and varied types of contracts with customers that are within the scope of IFRS 15.

BC331 The boards also decided to include disclosure requirements to help an entity meet the disclosure objective. However, those disclosures should not be viewed as a checklist of minimum disclosures, because some disclosures may be relevant for some entities or industries but may be irrelevant for others. The boards also observed that it is important for an entity to consider the disclosures together with the disclosure objective and materiality. Consequently, paragraph 111 of IFRS 15 clarifies that an entity need not disclose information that is immaterial.