Final answer:
The IFRS equivalent to ASU 2014-09 on revenue recognition is IFRS 15, also known as the Revenue from Contracts with Customers standard.
Step-by-step explanation:
The IFRS equivalent to ASU 2014-09 on revenue recognition must be adopted is known as IFRS 15 - Revenue from Contracts with Customers. It outlines the framework on how companies should recognize revenue arising from contracts with customers and is based on the principle that revenue is recognized when control of the goods or services is transferred to the customer. It was jointly developed by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) as part of their efforts to harmonize accounting standards globally.
The IFRS equivalent to ASU 2014-09 on revenue recognition must be adopted as IFRS 15. IFRS 15 was issued by the International Accounting Standards Board (IASB) and is known as the Revenue from Contracts with Customers standard. It outlines the principles and criteria for recognizing revenue from contracts with customers. This standard is similar to ASU 2014-09 in the U.S. Generally Accepted Accounting Principles (GAAP), which is the equivalent accounting standard for revenue recognition in the United States.