Release 38 adds revenue contracts for the revised Section 23 of the IFRS for SMEs Accounting Standard (third edition, from 1 January 2027) and IFRS 15. They are in the middle and top plans.
| What changed | What it does | Where |
|---|---|---|
| Contracts and promises | The five contract criteria; the price with variable consideration; the promises with stand-alone selling prices; the price allocated automatically. | 28.3–28.7 |
| Billing under a contract | Invoices and credit notes go to the contract liability instead of revenue. | 28.8–28.10 |
| Progress | Straight-line, units or milestones, costs incurred on a project, or a percentage; point-in-time promises marked satisfied. | 28.11, 28.15, 28.16 |
| Recognition runs | Revenue earned to a date, with the contract asset or liability for each contract; undo the latest run. | 28.12–28.14, 28.22 |
| Changes | Changes in estimate and modifications, recorded with a reason; cumulative catch-up or prospective. | 28.17, 28.18 |
| Reports | The contract register and the revenue disclosures for the annual financial statements; a month-end check. | 28.23–28.25 |