BC362

BC362 The boards decided to include application guidance to clarify how the principles in IFRS 15 should be applied, including how those principles should be applied to features found in a number of typical contracts with customers. Some of that application guidance has been included based on previous requirements in IFRS or US GAAP that arose as a result of entities requesting clarification in more complex areas of revenue recognition. However, to be consistent with the objective of developing a single revenue recognition model, the boards did not provide requirements that would have applied only to specific industries (see paragraphs BC2-BC3).