What is the core principle of IFRS 15 revenue recognition?

What is the core principle of IFRS 15 revenue recognition?

• A. Revenue is recognized when cash is collected from the customer.
• B. Revenue is recognized when control of the promised goods or services transfers to the customer, in an amount that reflects consideration the entity expects to be entitled to.
• C. Revenue is recognized when risks and rewards of ownership transfer to the customer.
• D. Revenue is recognized when the contract is signed.

Answer: (B)