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Revenue resources

Below is a comprehensive collection of helpful resources — organised chronologically — on the recently-issued IFRS 15 Revenue from Contracts with Customers. Click for direct access to specific revenue resources:

  

Latest IFRS 15 Resources

FRC issues a briefing setting out current ‘hot topics’ of its Corporate Reporting Review team

12 Jun 2018

The Financial Reporting Council (FRC) has issued a Briefing setting out the current ‘hot topics’ of its Corporate Reporting Review (CRR) team. The CRR team monitors the quality of corporate reporting in the UK and enforces compliance with accounting standards and relevant company law.

CIPFA/LASAAC issue new Code of Practice on Local Authority Accounting

10 Apr 2018

The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) have issued the 2018/19 Code of Practice on Local Authority Accounting in the UK (the Code) which would apply to accounting periods beginning on or after 1 April 2018.

ICAEW webinar on IFRS 15

03 Apr 2018

The Institute of Chartered Accountants in England and Wales (ICAEW) will be hosting a webinar on International Financial Reporting Standard (IFRS) 15 ‘Revenue from Contracts with Customers' on 19 April 2018.

FRC publishes Strategy for 2018/21

27 Mar 2018

The Financial Reporting Council (FRC) has published its three year strategy for 2018/21 and its budget and levy proposals for the 2018/19 financial year.

Deloitte publishes guide to new revenue standard

22 Mar 2018

Deloitte has issued 'Revenue from Contracts with Customers — A guide to IFRS 15'. As the IASB's new revenue standard is now effective (for periods beginning on or after 1 January 2018 with earlier adoption permitted), this detailed guide helps entities consider the impact of the new standard. In some cases, IFRS 15 will require significant changes to systems and may significantly affect other aspects of operations.

Revenue from Contracts with Customers — A guide to IFRS 15

21 Mar 2018

This detailed guide is intended to assist preparers and users of financial statements to understand the impact of IFRS 15 and includes a high-level executive summary of the new requirements, followed by a specific focus on the important issues and choices available for entities on transition to the new Standard.

Use of financial accounting standards to meet TCFD recommendations

12 Mar 2018

The Climate Disclosure Standards Board (CDSB) has published 'Uncharted waters: How can companies use financial accounting standards to deliver on the TCFD’s recommendations?'. The publication explores how companies can use existing international accounting standards when implementing the Task Force on Climate-related Financial Disclosures (TCFD) recommendations and comes out as the European Commission calls for the review of current IFRS to assess their potential impact on sustainable investment.

Paper on the new revenue recognition requirements from the investors' view

27 Feb 2018

The CFA Institute, a global association of investment professionals, has published 'Revenue Recognition: Top Ten Questions Investors Should Be Asking Regarding the Adoption of the New Standard'.

Deloitte e-learning — IFRS 15

06 Feb 2018

This Deloitte e-learning module provides training in the background, scope and principles under IFRS 15 'Revenue from Contracts with Customers', and the application of this Standard. Topics covered include the principles for the recognition of revenue to the sale of goods, services, licenses, royalties, and any variable consideration or modifications to contracts; and guidance is provided on how these principles should be applied by using the new five step revenue recognition model.

We comment on three IFRS Interpretations Committee tentative agenda decisions

29 Jan 2018

We have published our comment letters on IFRS Interpretations Committee tentative agenda decisions related to IFRS 15 and IFRS 9, as published in the November 2017 IFRIC Update.

Deloitte comment letter on tentative agenda decision on IFRS 15 — Revenue recognition in a real estate contract that includes the transfer of land

29 Jan 2018

We have commented on the IFRS Interpretations Committee's publication in the November 2017 IFRIC Update of the tentative decision not to take onto the Committee's agenda the request for clarification on the application of the revenue recognition requirements of IFRS 15 to a contract for the sale of land and a building in which title to the land irrevocably transfers to the customer at contract inception, with the building subsequently constructed on that land.

Deloitte comment letter on tentative agenda decision on IFRS 15 — Right to payment for performance completed to date

29 Jan 2018

We have commented on the IFRS Interpretations Committee's publication in the November 2017 IFRIC Update of the tentative decision not to take onto the Committee's agenda the request for clarification on the application of the revenue recognition requirements of IFRS 15 to a contract for the sale of a unit in a residential complex which the customer can cancel during construction and is then liable to pay any shortfall between the original sales price and a price achieved on resale of the unit to a new customer.

Video summary of IPSASB consultation paper on accounting for revenue and non-exchange expenses

10 Jan 2018

In August 2017, the International Public Sector Accounting Standards Board (IPSASB) published a consultation paper on potential recognition and measurement approaches for revenue and non-exchange expenses. The IPSASB has now released a short video highlighting the concepts, proposals and IPSASB preliminary views contained in the consultation paper.

FRC publishes Strategy for 2018/21

19 Dec 2017

The Financial Reporting Council (FRC) has published its three year strategy for 2018/21 and its draft budget and levy proposals for the 2018/19 financial year.

We comment on two IFRS Interpretations Committee tentative agenda decisions

20 Nov 2017

We have published our comment letters on IFRS Interpretations Committee tentative agenda decisions on IFRS 15 and IAS 28, as published in the September 2017 IFRIC Update.

Deloitte comment letter on tentative agenda decision on IFRS 15 — Revenue recognition in a real estate contract

20 Nov 2017

We agree with the IFRS Interpretations Committee's decision not to add this item onto its agenda for the reasons set out in the tentative agenda decision; however, we recommend an amendment to the wording in the tentative agenda decision to highlight the distinction between control of an asset and of a right to sell or pledge that asset in the future.

FRC announces thematic reviews for 2018/2019

20 Nov 2017

The Financial Reporting Council (FRC) has announced the thematic reviews that it will undertake in 2018/19.

EFRAG endorsement status report 9 November 2017

09 Nov 2017

This endorsement status report update reflects that IFRS 16 'Leases', 'Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12)', 'Disclosure Initiative (Amendments to IAS 7)', 'Clarifications to IFRS 15 'Revenue from Contracts with Customers'', and 'Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendments to IFRS 4)' have been adopted for use in the European Union.

European Union formally adopts IFRS 16 as well as several amendments to IFRSs

09 Nov 2017

The European Union has published a Commission Regulation endorsing IFRS 16 'Leases', 'Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12)', 'Disclosure Initiative (Amendments to IAS 7)', 'Clarifications to IFRS 15 'Revenue from Contracts with Customers'', and 'Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendments to IFRS 4)'.

ESMA announces enforcement priorities for 2017 financial statements

27 Oct 2017

The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2017 financial statements will focus on.

Correction list for hyphenation

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