IFRS 15 news

The FRC noted in its Annual Review of Corporate Reporting 2022/23 that the frequency of substantive queries on revenue recognition and related disclosures were lower than in preceding years, indicating that entities have become more familiar with application of the IFRS 15 recognition model.  The most common areas of challenge included variable consideration, principal/agent considerations and contract balances. Queries were mostly centred around insufficient information to demonstrate compliance with certain requirements.

For their forthcoming reporting the FRC expects companies to ensure that:

  • when material variable consideration exists, sufficient company-specific information is provided to explain how it arises and how it is estimated and constrained.
  • accounting policies are provided for all significant performance obligations and address in sufficient detail:
    • the timing of revenue recognition.
    • the basis for recognising any revenue over time.
    • the methodology applied.
  • significant judgements made in relation to revenue recognition are disclosed (for example, in relation to whether the company is acting as agent or principal, the allocation of the transaction price and the timing of satisfaction of performance obligations).
  • that inflationary features in contracts with customers and accounting for such clauses (that is whether the feature is an embedded derivative or variable consideration) are adequately disclosed and clearly explained.

The FRC encourages companies to refer to its previously issued IFRS 15 thematic review for further guidance as to its expectations in this area.

This page provides all of our news items related to IFRS 15.

Related news

IASB and FASB discuss potential clarifications to joint revenue recognition guidance

20 Feb, 2015

At their meeting on Wednesday, the IASB and FASB discussed issues that their joint revenue Transition Resource Group (TRG) has identified in connection with implementation of their converged standard, “Revenue From Contracts With Customers” (issued as IFRS 15 by the IASB and as ASU 2014-09 by the FASB). Specifically, the boards addressed whether to clarify certain aspects of the standard that seem to be causing implementation problems for some preparers.

Application of IFRS 15 to permitted Islamic finance transactions

16 Jan, 2015

At the upcoming meeting of the Joint Transition Resource Group for Revenue Recognition (TRG), participants will discuss the implications of IFRS 15 for certain instruments common in the Islamic financial industry.

Agenda for the Joint Transition Resource Group for Revenue Recognition meeting

15 Jan, 2015

The agenda has been released for the third meeting of the Joint Transition Resource Group for Revenue Recognition (TRG), which is being jointly held at the offices of the IASB and FASB on 26 January 2015. The TRG will discuss a number of topics related to the boards’ new revenue standard, “Revenue From Contracts With Customers” (issued as IFRS 15 by the IASB and ASU 2014-09 by the FASB).

Summary of November GPF meeting now available

09 Dec, 2014

Minutes of the meeting of the Global Preparers Forum (GPF) with representatives of the International Accounting Standards Board (IASB) held in London on Thursday, 6 November 2014 are now available. The meeting discussed a broad range of topics, including a number of IASB active and research projects, and IFRS Interpretations Committee issues.

IFRS Foundation updates the IFRS Taxonomy

12 Nov, 2014

The IFRS Foundation has published IFRS Taxonomy 2014 Interim Release 2 which updates the taxonomy for IFRS 15 and common reporting practice in transport and pharmaceuticals sectors.

Agenda for the Joint Transition Resource Group for Revenue Recognition meeting

20 Oct, 2014

The agenda has been released for the second meeting of the Joint Transition Resource Group for Revenue Recognition (TRG), which is being jointly held at the offices of the IASB and FASB on 31 October 2014. The TRG will discuss a number of topics related to the boards’ new revenue standard, “Revenue From Contracts With Customers” (issued as IFRS 15 by the IASB and ASU 2014-09 by the FASB).

EFRAG issues draft endorsement advice and effects study report on IFRS 15

16 Oct, 2014

The European Financial Reporting Advisory Group (EFRAG) has issued for comment its draft endorsement advice for the use of IFRS 15 'Revenue from Contracts with Customers' in the European Union (EU). EFRAG has also issued its Effects Study Report.

Updated EFRAG endorsement status report for draft endorsement advice letter on IFRS 15

15 Oct, 2014

The European Financial Reporting Advisory Group (EFRAG) has updated its Endorsement Status Report to include its draft endorsement advice letter on IFRS 15 'Revenue from Contracts with Customers'.

IASB publishes editorial corrections

19 Sep, 2014

The International Accounting Standards Board (IASB) has published its second batch of editorial corrections for 2014. The corrections impact a previous editorial correction, consequential amendments, stand-alone standards, and the IASB's "A Guide Through IFRS 2013", "2014 IFRS (Blue Book)", and "2014 IFRS (Red Book)".

IFRS Foundation publishes additional proposal for IFRS Taxonomy 2014

22 Aug, 2014

The IFRS Foundation has published 'Proposed Interim Release 2 to the IFRS Taxonomy 2014' for public comment.

Staff paper on issues in the application of IFRS 9 to Islamic finance

21 Aug, 2014

The IASB's Consultative Group for Shariah-Compliant Instruments and Transactions will meet in Kuala Lumpur on 5 September 2014 to discuss issues in the application of IFRS 9 'Financial Instruments' to Islamic finance. To this end a staff paper has been prepared addressing issues in the classification of financial instruments under IFRS 9.

Stay Tuned Online — IFRS and UK GAAP update

04 Aug, 2014

The Deloitte London IFRS Centre of Excellence is running a series of hour-long Internet-based financial reporting updates, aimed at helping finance teams keep up to speed with IFRSs and other financial reporting issues. The July 2014 webcast is now available.

TRG discusses implementation of new revenue standard

22 Jul, 2014

At its July 18, 2014, inaugural meeting, the joint revenue transition resource group (TRG) and FASB and IASB board members discussed potential issues related to implementing the boards’ new revenue standard.

Agenda for inaugural meeting of the Joint Transition Resource Group for Revenue Recognition

08 Jul, 2014

The agenda has been released for the upcoming inaugural meeting of the Joint Transition Resource Group for Revenue Recognition (TRG), which is being jointly held at the offices of the International Accounting Standards Board (IASB) and United States Financial Accounting Standards Board (FASB) on 18 July 2014. The TRG will discuss a number of issues related to the recently issued IFRS 15 'Revenue from Contracts with Customers' and United States Accounting Standards Update No. 2014-09, 'Revenue from Contracts with Customers'.

Latest IASB 'Investor Perspectives' published

27 Jun, 2014

The International Accounting Standards Board (IASB) has released another edition in its 'Investor Perspectives' series. In this edition, Patricia McConnell (member of the IASB) provides her perspectives on the new accounting requirements for revenue recognition.

Detailed interview regarding the new revenue framework in IFRS 15

23 Jun, 2014

Robert Bruce hosts an interview with Phil Barden, a Partner in the Deloitte UK IFRS Centre of Excellence, and Amy Haworth, a Senior Manager in the Deloitte UK IFRS Centre of Excellence, to discuss in more detail IFRS 15 'Revenue from Contracts with Customers'.

Updated EFRAG endorsement status report includes IFRS 15

05 Jun, 2014

The European Financial Reporting Advisory Group (EFRAG) has updated its Endorsement Status Report to include IFRS 15 'Revenue from Contracts with Customers' published on 28 May 2014. It also reflects an open status regarding the endorsement of IFRS 14 'Regulatory Deferral Accounts'.

IASB and FASB create transition resource group to help entities implement revenue standard

03 Jun, 2014

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have announced the formation of a Joint Transition Resource Group (TRG) that will focus on potential implementation issues associated with their new revenue recognition standard.

Joint webcast on revenue recognition

29 May, 2014

On 5 June 2014, the IASB and FASB will hold a joint webcast on the boards’ final standard on revenue from contracts with customers.

The Bruce Column — Recognising the achievement

28 May, 2014

The new revenue recognition standard has been a long time in gestation. Now that it is published Robert Bruce, our regular resident columnist assesses its impact and effects.

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