Answer:

The main differences between IFRS 15 Revenue from Contracts with Customers and IAS 18 Revenue are:

1. IFRS 15 requires companies to recognize revenue based on the transfer of control of goods or services to the customer, whereas IAS 18 recognizes revenue when the risks and rewards of ownership have been transferred to the buyer.
2. IFRS 15 requires companies to allocate the transaction price to performance obligations, whereas IAS 18 does not provide specific guidance on how to allocate revenue from multiple-element arrangements.
3. IFRS 15 requires companies to disclose more detailed information about their contracts with customers, such as the timing and amount of revenue recognized, performance obligations, and significant payment terms, whereas IAS 18 provides less guidance on disclosure requirements.
4. IFRS 15 provides more guidance on accounting for contracts with customers in industries such as software and telecommunications, whereas IAS 18 provides less specific guidance for these industries.
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