This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

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

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.

Paper on the transition to full adoption of new revenue recognition requirements

24 Oct 2017

The CFA Institute, a global association of investment professionals, has published 'Revenue Recognition Changes'.

Implementing IFRS 15 'Revenue from Contracts with Customers' - A practical guide to implementation issues for the asset management sector

16 Oct 2017

This guide is intended to provide an overview of applying IFRS 15 within the asset management sector. The guidance provided here is not intended to be exhaustive, but aims to highlight some of the potential issues to consider and to indicate how those issues might be approached.

FRC publishes year-end advice to preparers in advance of the 2017/18 reporting season

11 Oct 2017

The Financial Reporting Council (FRC) has published a letter to Audit Committee Chairs and Finance Directors, in advance of the 2017/18 reporting season, highlighting changes to reporting requirements and aspects of annual reports where the FRC feels that companies can improve.

IASB publishes editorial corrections

27 Sep 2017

The IASB has published a batch of editorial corrections that impact consequential amendments and stand-alone standards as well as the Blue Book 2017, the Red Book 2017 and the Green Book 2017.

IPSASB consults on accounting for revenue and non-exchange expenses

23 Aug 2017

The International Public Sector Accounting Standards Board (IPSASB) has published a consultation paper on potential recognition and measurement approaches for revenue and non-exchange expenses. The paper proposes updating existing IPSAS 23 'Revenue from Non-Exchange Transactions (Taxes and Transfers)' as well as to replace current IPSAS dealing with revenue arising from exchange transactions and construction contracts with an IPSAS based on IFRS 15.

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

12 Jul 2017

The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) are seeking comments, via an ‘Invitation to Comment’, on proposals for developing 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.

FRAB minutes for June 2017 meeting released

07 Jul 2017

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 15 June 2017 have been made available on the HM Treasury website.

EFRAG endorsement status report 6 July 2017

06 Jul 2017

The endorsement status report has been updated to reflect that ARC voted in favour of endorsing amendments to IAS 7, amendments to IAS 12, and clarifications to IFRS 15. Final endorsement of these pronouncements is expected in the fourth quarter of 2017.

We comment on FRED 67— 'Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'

04 Jul 2017

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 67 ‘Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'.

Deloitte comment letter on FRED 67— 'Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'

04 Jul 2017

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 67 ‘Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'.

2017 Update on Half Yearly Financial Reporting

03 Jul 2017

The 2017 edition of our popular guide to half-yearly financial reporting has now been published on UK Accounting Plus. The publication contains the a regulatory overview, setting out the requirements for half-yearly financial reports and changes for preparers to contend with in 2017, including the European Securities and Markets Authority (ESMA) public statements on issues for consideration in implementing IFRS 15 and IFRS 9; a model half-yearly financial report, including illustrative IAS 34 condensed financial statements; and a disclosure checklist.

FRC defers decision on updating FRS 102 to reflect major changes in IFRSs

30 Jun 2017

The Financial Reporting Council (FRC) has today published a feedback statement summarising respondents views on its consultation Document containing proposals to update Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ to reflect recent changes in International Financial Reporting Standards (IFRSs).

Communiqué and report from the May 2017 Emerging Economies Group meeting

02 Jun 2017

The 13th meeting of the IASB's Emerging Economies Group (EEG) was held in Mumbai on 8-9 May 2017. For the first time ever, the IASB has published a full report from the meeting in addition to the usual communiqué.

Deloitte e-learning — IFRS 15

17 May 2017

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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.