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

FRC publishes changes to FRS 102 as part of its second periodic review of the standard

27 Mar, 2024

The Financial Reporting Council (FRC) has published ‘Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024’ (“the Amendments”) which contains the changes to FRS 102 and other UK and Republic of Ireland financial reporting standards as a result of the second periodic review of the standard.

EFRAG publishes January 2024 issue of EFRAG Update

09 Feb, 2024

The European Financial Reporting Advisory Group (EFRAG) has published an ‘EFRAG Update’ summarising public technical discussions held and decisions made during January 2024.

EFRAG publishes November 2023 issue of EFRAG Update

12 Dec, 2023

The European Financial Reporting Advisory Group (EFRAG) has published an ‘EFRAG Update’ summarising public technical discussions held and decisions made during November 2023.

Academic study on the costs and benefits of IFRS 15 adoption

29 Nov, 2023

The European Financial Reporting Advisory Group (EFRAG) has published the results of academic study on the effects of the adoption of IFRS 15 'Revenue from Contracts with Customers' on preparers and users of financial statements.

EFRAG publishes October 2023 issue of EFRAG Update

08 Nov, 2023

The European Financial Reporting Advisory Group (EFRAG) has published an ‘EFRAG Update’ summarising public technical discussions held and decisions made during October 2023.

EFRAG final comment letter on the request for information on the post-implementation review of IFRS 15

01 Nov, 2023

The European Financial Reporting Advisory Group (EFRAG) has published its final comment letter in response to the International Accounting Standards Board’s (IASB's) Request for Information (RFI) on the Post Implementation Review (PIR) of IFRS 15 'Revenue from Contracts with Customers'.

UKEB publishes its final comment letter on the IASB’s Request for Information regarding the Post implementation Review of IFRS 15

29 Oct, 2023

The UK Endorsement Board (UKEB) has published its final comment letter in response to the International Accounting Standards Board's (IASB's) Request for Information on its Post-implementation Review of IFRS 15 'Revenue from Contracts with Customers'.

ESMA publishes 28th enforcement decisions report

09 Oct, 2023

The European Securities and Markets Authority (ESMA) has published further extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IFRS 3, IAS 32/IFRS 3, IAS 38, IFRS 10, IFRS 10/IFRS 11, IFRS 15, IFRS 9/IFRS 16, IFRS 7, and IFRS 16.

FRC publishes project update on the periodic review of UK and Ireland accounting standards

29 Sep, 2023

The Financial Reporting Council ("FRC") has published a project update on its periodic review of FRS 102 and other UK and Republic of Ireland financial reporting standards.

EFRAG seeks users’ input on the effects of the implementation of IFRS 15

02 Aug, 2023

The European Financial Reporting Advisory Group (EFRAG) invites users of financial statements to participate in interviews on the effects of the implementation of IFRS 15 with a particular focus on the current usefulness of the required disclosures.

UKEB publishes its draft comment letter on the IASB’s Request for Information regarding the Post implementation Review of IFRS 15

28 Jul, 2023

The UK Endorsement Board (UKEB) has published its draft comment letter in response to the International Accounting Standards Board's (IASB's) Request for Information on its Post-implementation Review of IFRS 15 'Revenue from Contracts with Customers'.

EFRAG draft comment letter on the request for information on the post-implementation review of IFRS 15

25 Jul, 2023

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB's request for information seeking comments from stakeholders to identify whether the impairment requirements in IFRS 15 'Revenue from Contracts with Customers' provide information that is useful to users of financial statements; whether there are requirements that are difficult to implement and may prevent the consistent implementation of the standard; and whether unexpected costs have arisen in connection with applying or enforcing the standard.

IASB publishes request for information on the post-implementation review of IFRS 15

29 Jun, 2023

The International Accounting Standards Board (IASB) has issued a request for information (RFI) seeking comments from stakeholders to identify whether the requirements in IFRS 15 'Revenue from Contracts with Customers' provide information that is useful to users of financial statements; whether there are requirements that are difficult to implement and may prevent the consistent implementation of the standard; and whether unexpected costs have arisen in connection with applying or enforcing the standard. Comments on the RFI are requested by 27 October 2023.

UKEB to hold outreach on IFRS 15

14 Jun, 2023

The UK Endorsement Board (UKEB) is to hold roundtables for preparers to understand UK preparers' views on the implementation of IFRS 15 'Revenue from Contracts with Customers'. It will also be conducting short one-to-one interviews to understand UK investor /user views on company reporting of their revenue.

​EFRAG seeks input to an academic study on the effects of the adoptions of IFRS 15 Revenue from Contracts with Customers on management control systems.

26 May, 2023

The European Financial Reporting Advisory Group (​EFRAG) has launched a survey to seek input from preparers to an academic study on the effects of the adoptions of IFRS 15 'Revenue from Contracts with Customers' on management control systems.

We respond to FRED 82 'Draft Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs'

05 May, 2023

We have published our comment letter on the Financial Reporting Council's (FRC's) Financial Reporting Exposure Draft (FRED) 82 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs'.

ESMA publishes 27th enforcement decisions report

29 Mar, 2023

The European Securities and Markets Authority (ESMA) has published further extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IFRS 10/IFRS 16/IAS 1, IFRS 8, IAS 38 (two decisions), IFRS 16, IFRS 15, IAS 36/IAS 1, IAS 1, IFRS 7, IFRS 9 (two decisions), and IAS 32/IFRS 9.

FRC roundtable events on FRED 82

10 Feb, 2023

The Financial Reporting Council (FRC) will hold a series of roundtable events from 15 March to 23 March on Financial Reporting Exposure Draft (FRED) 82 ‘Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review’ (“FRED 82”).

FRC consults on changes to FRS 102 as part of its second periodic review of the standard

15 Dec, 2022

The Financial Reporting Council (FRC) has published Financial Reporting Exposure Draft (FRED) 82 ‘Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review’ (“FRED 82”) which proposes changes to FRS 102 and other UK and Republic of Ireland financial reporting standards as a result of the second triennial review of the standard.

FRC publishes findings on the quality of corporate reporting in 2021/2022

28 Oct, 2022

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting 2021/2022. The report sets out the FRC’s expectations of areas of corporate reporting that require improvement and highlights the ten most frequently raised topics where improvements to reporting quality are needed.

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.