BC456 As explained in paragraphs BC2-BC3, the boards developed IFRS 15 to eliminate the inconsistencies and weaknesses in previous revenue recognition requirements and to improve disclosure requirements related to revenue. However, throughout the project, many preparers and some users of financial statements explained that they did not perceive significant weaknesses in previous revenue recognition requirements. Therefore, those preparers and users questioned whether the benefits of applying a new revenue standard would justify the costs of implementing that standard.