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IFRS 15 news

A collection of news items related to the May 2014 revenue recognition standard.

IASB publishes editorial corrections

01 Mar 2019

The IASB has published its first batch of editorial corrections in 2019.

IASB posts webcast on IFRS 15

14 Feb 2019

The IASB has posted a webcast, by IASB member Nick Anderson and investor engagement member Sid Kumar, that provides an overview on IFRS 15, ‘Revenue from Contracts with Customers’.

We comment on six IFRS Interpretations Committee tentative agenda decisions

22 Nov 2018

We have published our comment letters on IFRS Interpretations Committee tentative agenda decisions related to IAS 27, IAS 37, IFRS 9, IFRS 11, and IFRS 15, as published in the September 2018 IFRIC Update.

FRC publishes the results of IFRS 9 and 15 thematic reviews

05 Nov 2018

The Financial Reporting Council (FRC) has published the results of its thematic reviews looking at the disclosures made by companies on the impact of IFRS 9 ‘Financial Instruments’ and IFRS 15 ‘Revenue from Contracts with Customers’ in their June 2018 interim reports.

ESMA announces enforcement priorities for 2018 financial statements

27 Oct 2018

The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2018 financial statements will focus on.

FRC publishes year-end advice to preparers in advance of the 2018/19 reporting season

25 Oct 2018

The Financial Reporting Council (FRC) has published a letter to Audit Committee Chairs and Finance Directors, in advance of the 2018/19 reporting season, highlighting changes to reporting requirements and key matters which should be considered in the preparation of forthcoming annual reports and accounts.

FRC publishes findings on the quality of corporate reporting in 2017/2018

24 Oct 2018

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Governance and Reporting 2017/2018, which provides the FRC's assessment of corporate reporting in the UK based on evidence from a variety of sources, including the work of the FRC's own Corporate Reporting Review (CRR) team. The report also includes information on the level of compliance with the provisions of the UK Corporate Governance Code (“the Code”) as well as the quality of explanations and reporting provided by companies in their governance statements and committee reports.

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.

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'.

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.

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.

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.

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)'.

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.