1 It's is the usual spoken form of `it is'.
It's the best news I've heard in a long time.
2 It's is the usual spoken form of `it has', especially when `has' is an auxiliary verb.
It's been such a long time since I played.
Translation English Cobuild Collins Dictionary
fashionable, happening (informal) in (informal) latest (informal) modern, modish, progressive, stylish, swinging (slang) trendy (Brit. informal) up-to-date, up-to-the-minute, vogue
English Collins Dictionary - English synonyms & Thesaurus
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"Collins Cobuild English Dictionary for Advanced Learners 4th edition published in 2003 © HarperCollins Publishers 1987, 1995, 2001, 2003 and Collins A-Z Thesaurus 1st edition first published in 1995 © HarperCollins Publishers 1995"