Kabir, HumayunSu, Li2025-12-082025-12-082022-11-12Journal of International Accounting, Auditing and Taxation, ISSN: 1061-9518 (Print), Elsevier, 49, 100507-100507. doi: 10.1016/j.intaccaudtax.2022.1005071061-9518http://hdl.handle.net/10292/20342We provide evidence on how International Financial Reporting Standard (IFRS) 15, Revenue from Contracts with Customers, affected the revenue recognition practices and financial statements of firms in Australia and New Zealand. While firms used the modified retrospective method more than the full retrospective method, the usage varied by firm size. Although the majority of sample firms (63.38%) reported that the standard had either no impact or no material impact on their financial statements, the remaining 36.62% disclosed IFRS 15 impacts in notes to financial statements. The disclosure of impacts varied by sectors and firm size. The standard did not affect the accounting for standard retail sales transactions. However, it resulted in the deferral of revenue recognition for the majority of firms whose revenue recognition was impacted by the standard. For firms that disclosed IFRS 15 impacts on financial statements, revenue was the most affected item. Cost of goods sold, contract liabilities, and profit after tax were three other most affected financial statement items. Finally, the standard affected financial statements through multiple channels.This is the Author's Accepted Manuscript of an article published in the Journal of International Accounting, Auditing and Taxation by Elsevier, 2022. The version of record is available at DOI: 10.1016/j.intaccaudtax.2022.1005073501 Accounting, Auditing and Accountability3502 Banking, Finance and Investment35 Commerce, Management, Tourism and Services3507 Strategy, Management and Organisational Behaviour1501 Accounting, Auditing and Accountability1599 Other Commerce, Management, Tourism and ServicesAccountingJournal ArticleOpenAccess10.1016/j.intaccaudtax.2022.100507