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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

May 2017 meeting of the ICAEW FRDG

31 Mar 2017

The next meeting of the Institute of Chartered Accountants in England and Wales (ICAEW) Financial Reporting Discussion Group (FRDG) will be held on 8 May 2017 in London. The meeting will provide a brief overview of the Financial Reporting Council’s (FRC’s) first triennial review of Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

FRAB minutes for March 2017 meeting released

31 Mar 2017

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 16 March 2017 have been made available on the HM Treasury website.

EFRAG endorsement status report 30 March 2017

31 Mar 2017

The endorsement status report has been updated to reflect that ARC votes and final endorsement that were still noted as "Q1 2017" are now expected in the second quarter of 2017.

FRC consults on proposals for incremental improvements and clarifications to FRS 102

23 Mar 2017

The Financial Reporting Council (FRC) has today published proposals for incremental improvements and clarifications to Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

CAQ publishes report on enhancing financial reporting to fight fraud

20 Mar 2017

The Center for Audit Quality (CAQ) of the American Institute of Certified Public Accountants (AICPA) has released a report on addressing challenges for highly subjective and complex accounting areas as key for stemming fraud and reducing the number of restatements.

High-level recap of changes resulting from the application of IFRS 9 and IFRS 15

04 Jan 2017

The IASB has published 'IFRS 9 and IFRS 15 — one year to go' on its website.

Deloitte comment letter on the FRC consultation on changes to FRS 102 to reflect recent changes in IFRS

22 Dec 2016

We have published our comment letter on the Financial Reporting Council’s (FRC’s) consultation on changes to FRS 102 to reflect recent changes in IFRS.

We comment on the FRC consultation on changes to FRS 102 to reflect recent changes in IFRS

22 Dec 2016

We have published our comment letter on the Financial Reporting Council’s (FRC’s) consultation on changes to FRS 102 to reflect recent changes in IFRS.

IOSCO statement on the implementation of new accounting standards

16 Dec 2016

The International Organization of Securities Commissions (IOSCO) has published a stamentent asking companies to disclose the likely effects of the new standards on revenue, financial instruments, and leases as these are expected to significantly affect the financial statements of many issuers globally, given the breadth of their applicability.

IASB publishes editorial corrections

14 Dec 2016

The IASB has published a batch of editorial corrections that retract a previous correction and impact consequential amendments and stand-alone standards.

FRAB minutes for November 2016 meeting released

30 Nov 2016

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 24 November 2016 have been made available on the HM Treasury website.

AcSB and IASB panel discussion on IFRS 15

31 Oct 2016

On 14 October 2016 the Canadian Accounting Standards Board (AcSB) hosted a panel discussion on implementing IFRS 15 'Revenue from Contracts with Customers'. A video recording of that panel discussion as well as the slides presented are now available.

EFRAG endorsement status report 31 October 2016

31 Oct 2016

This endorsement status report update reflects that IFRS 15 'Revenue from Contracts with Customers' has been endorsed for use in the European Union.

European Union formally adopts IFRS 15

31 Oct 2016

The European Union has published a Commission Regulation endorsing IFRS 15 'Revenue from Contracts with Customers'. IFRS 15 specifies how and when an IFRS reporter will recognise revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles based five-step model to be applied to all contracts with customers.

Need to know — FRC consults on changes to FRS 102 to reflect recent changes in IFRSs

10 Oct 2016

The FRC has published a Consultation Document Triennial review of UK and Ireland accounting standards – Approach to changes in IFRS. This forms part of the first triennial review of FRS 102 and sets the direction of travel for UK GAAP. Areas under discussion within this Consultation include revenue recognition, leases and impairment model for financial assets. This Need to know discusses this Consultation.

Webcast on IFRS 9, IFRS 15, and IFRS 16 and the IASB's future priorities

07 Oct 2016

In connection with the upcoming meeting of the IFRS Foundation's Trustees in New Delhi, the IFRS Foundation and the Institute of Chartered Accountants of India (ICAI) are jointly organising a webcast on recent standards and future priorities.

ISAR workshop on IFRS 15 and IFRS 16

05 Oct 2016

The thirty-third session of the United Nations Conference on Trade and Development (UNCTAD) Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) is currently being held in Geneva. Before the session, there was a workshop on 3 October on recent developments on IFRS.

FRC consults on changes to FRS 102 to reflect recent changes in IFRS

27 Sep 2016

The Financial Reporting Council (FRC) has today published a 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).

EFRAG endorsement status report 21 September 2016

22 Sep 2016

This endorsement status report update reflects that EFRAG has come to some slightly changed estimates regarding when final endorsement of certain pronoucements for use in the European Union is to be expected.

FRAB minutes for June 2016 meeting released

17 Aug 2016

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 23 June 2016 have been made available on the HM Treasury website.

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.