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The following workflows and features support compliance with VIP - Compliance with IFRS 15 and 16 Regulations and VIP - Compliance with IFRS 15 and 16 Regulations.

IFRS 15

IFRS 15 (or ASC 606), Revenue from Contracts with Customers, affects the allocation and recognition of revenue. Under this regulation, the voyage operating entity is only allowed to recognize revenue when it satisfies a performance obligation of performing the voyage. Voyage expenses continue to be allowed to be capitalized and recognized on the same basis as revenue, following a revenue-expense matching principle.

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