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).