BC460 IFRS 15 replaces the previous limited revenue recognition requirements in IFRS and the broad revenue recognition concepts and industry-specific requirements in US GAAP with a robust and comprehensive framework that is applied to all revenue contracts with customers (except for lease, insurance and financial instruments contracts which fall within the scope of other Standards). This framework provides a basis that should be more easily applied to complex transactions and that provides timely guidance for evolving revenue transactions.

BC461 The framework in IFRS 15 also fills a gap by providing requirements for revenue transactions that had not previously been addressed comprehensively, such as transactions for revenue for the provision of services and for revenue resulting from licences of intellectual property. In addition, IFRS 15 provides requirements for issues such as contract modifications that were previously addressed only for a particular industry. IFRS 15 also provides improved requirements for some transactions such as multiple-element arrangements (see paragraphs BC470-BC472).