COMPARATIVE ANALYSIS OF INTERNATIONAL FINANCIAL REPORTING STANDARDS AND IFRS 15 APPLICATION

The article addresses the implementation of IFRS 15 within the framework of International Financial Reporting Standards (IFRS) and its impact on financial transparency, compliance, and comparability. IFRS 15 seeks to standardize revenue recognition and reflect a truer, principlebased financial reporting. The paper adopts theoretical and comparative analytical approaches, assessing academic literature and empirical evidence on the worldwide application of IFRS 15. The findings show that though IFRS 15 brings improved transparency in revenue recognition, it adds administrative and reporting complexities for businesses. Its application is extremely complex in multi-component contract industries and different performance obligations, demanding a high level of professional judgment. The paper also identifies international regulatory harmonization and ongoing training of financial practitioners as imperative in ensuring the smooth implementation of IFRS 15. Generally, though IFRS 15 leads to more credible financial reporting, its success relies on regulatory adaptation and practical enforcement. The paper offers an extensive exploration of IFRS 15’s benefits and complexities in the general international financial reporting environment.