Revenue resources

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 includes all of our resources on IFRS 15.  It includes links to:

Latest IFRS 15 Resources

Need to know — Periodic review of FRS 102

09 Mar, 2023

This Need to know outlines the proposals set out by the Financial Reporting Council's (FRC's) exposure draft, 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 to make significant amendments to FRS 102 and the other UK accounting standards as part of its periodic review of the UK financial reporting framework.

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.

Governance in brief — FRC sets out key matters for 2022/23 reporting season

07 Dec, 2022

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting setting out key matters for 2022/23 reporting season.

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.

ESMA publishes 26th enforcement decisions report

17 May, 2022

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 9, IAS 2 (two decisions), IFRS 15 (three decisions), IFRS 16/IAS 36, IAS 36 (two decisions), IFRS 8 and IAS 7/IAS 8.

EFRAG survey on IFRS 15

22 Mar, 2022

The European Financial Reporting Advisory Group (EFRAG) has launched a survey to seek input from users and preparers on the effects of IFRS 15 on revenue recognition.

Deloitte comment letter on tentative agenda decision on principal versus agent software reseller

07 Feb, 2022

We have commented on the IFRS Interpretations Committee's publication in the December 2021 Update of the tentative agenda decision (TAD) not to take onto the Committee’s agenda the request for clarification on whether, in applying IFRS 15, a reseller of software licenses is a principal or agent.

Accounting roundup — Closing Out 2021

16 Dec, 2021

Closing Out 2021 discusses the principal corporate reporting issues arising in respect of 31 December 2021 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2020/2021, issues arising from climate change including new and forthcoming climate-related disclosures and developments in reporting standards.

Governance in focus — On the board agenda 2022

03 Dec, 2021

As 2021 draws to a close, our annual review of board topics will stimulate your thinking and help prepare you for the year ahead. Across the board, expectations of business are rising and it is this demanding environment which shapes the articles in this year’s publication.

Governance in brief — FRC issues advice on annual reports for 2021/22 reporting season

11 Nov, 2021

The FRC issues advice on annual reports for 2020/21 reporting season

FRC publishes findings on the quality of corporate reporting in 2020/2021

27 Oct, 2021

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting 2020/2021. 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.

Call for papers — Research on IASB’s post-implementation reviews of IFRS Standards

12 Feb, 2021

The IFRS Foundation are seeking academic research paper proposals on the application of the disclosure requirements in IFRS 15 ‘Revenue from Contracts with Customers’ or the application of the disclosure requirements in IFRS 7 ‘Financial Instruments: Disclosures’ by entities applying IFRS 9 ‘Financial Instruments’.

IASB, FASB, and The Accounting Review call for academic research papers on the performance of standards in capital markets

10 Feb, 2021

The IASB, FASB, and The Accounting Review (TAR) are requesting academic research papers focusing “on the effectiveness of the FASB’s and/or IASB’s standards on revenue recognition (Topic 606 and IFRS 15 'Revenue from Contracts with Customers'), leases (Topic 842 and IFRS 16 'Leases'), and financial instruments (Topic 326, 'Financial Instruments – Credit Losses and IFRS 9 Financial Instruments').”

IASB posts recording of recent webinar on academics and the post-implementation reviews of IFRS 15

09 Feb, 2021

The IASB has posted the recording of its recent webinar on identifying research opportunities by academics in IFRS 15 ‘Revenue from Contracts with Customers’.

Academics and the post-implementation reviews of IFRS 9, IFRS 15, and IFRS 16

12 Jan, 2021

The IFRS Foundation is offering three webinars aimed at identifying how academics can contribute to the post-implementation reviews of IFRS 9 'Financial Instruments', IFRS 15 'Revenue from Contracts with Customers', and IFRS 16 'Leases'.

Deloitte IFRS Masterclass 2020

07 Dec, 2020

On 8-10 December 2020, Deloitte Middle East offers the IFRS Masterclass 2020 as an online event. There is no charge for attending, however, prior registration is required.

Governance in brief - FRC issues advice on annual reports for 2020/21 reporting season

23 Nov, 2020

FRC issues advice on annual reports for 2019/20 reporting season

FRC publishes year-end advice to Audit Committee Chairs and Finance Directors in advance of the 2020/21 reporting season

14 Nov, 2020

The Financial Reporting Council (FRC) has published a letter to Audit Committee Chairs and Finance Directors, in advance of the 2020/21 reporting season, setting out its expectations for preparers of reports and accounts for the coming year.

FRC publishes findings on the quality of corporate reporting in 2019/2020

21 Oct, 2020

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting 2019/2020, 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 sets out the FRC’s expectations of areas of corporate reporting that require improvement and what it expects companies to focus on in the coming reporting season. The FRC expects companies to consider its findings during the financial reporting process.

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