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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

Stay Tuned Online - IFRS and UK GAAP update September 2015

28 Sep 2015

The following topics are covered in the September 2015 webcast: 1 - IFRS 15 'Revenue from Contracts with Customers' - an update, 2 - New UK GAAP - latest developments, 3 - Annual report insights and 4 - a round up of other news including IFRS developments and news from the Financial Reporting Council.

IPSASB announces strategy for 2015 forward

18 Sep 2015

The International Public Sector Accounting Standards Board (IPSASB) has released its final strategy and work programme for 2015-2018. Among the projects to be taken up is also a revenue recognition project that will consider the extent to which the principles in IFRS 15 are appropriate for transactions in the public sector.

Need to know — IASB issues amendments to defer effective date of IFRS 15

16 Sep 2015

This edition outlines the September 2015 amendments to IFRS 15 'Revenue from Contracts with Customers' formalising the deferral of the effective date by one year to 2018.

EFRAG endorsement status report 15 September 2015

15 Sep 2015

This endorsement status report update reflects that EFRAG has finalised its endorsement advice on IFRS 9 ‘Financial Instruments’ and that the Accounting Regulatory Committee (ARC) has voted in favour of adopting 'Annual Improvements to IFRSs 2012–2014'.

IASB defers effective date of IFRS 15

11 Sep 2015

The International Accounting Standards Board (IASB) has published 'Effective Date of IFRS 15' deferring the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018. Earlier application of IFRS 15 continues to be permitted.

EFRAG believes IASB should only clarify IFRS 15 where absolutely necessary

04 Sep 2015

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2015/6 'Clarifications to IFRS 15'.

Need to know — IASB proposes clarifications to IFRS 15

01 Sep 2015

This edition outlines the proposed clarifications to IFRS 15 Revenue from Contracts with Customers set out in the recent exposure draft ED/2015/6 Clarification to IFRS 15 which was issued in July 2015 for public comment.

FASB issues ASU deferring the effective date of the new revenue standard

12 Aug 2015

The FASB has issued an ASU, “Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date,” which defers for one year the effective date of the new revenue standard for public and nonpublic entities reporting under U.S. GAAP.

Need to know - Joint Meeting on Revenue (July 2015)

04 Aug 2015

This newsletter summarises the July 2015 meeting of the IASB and FASB joint revenue transition resource group.

IASB proposes clarifications to IFRS 15

30 Jul 2015

The International Accounting Standards Board (IASB) has published an Exposure Draft (ED/2015/6) with proposed clarifications of IFRS 15 'Revenue from Contracts with Customers'. Comments are requested by 28 October 2015.

EFRAG supports the IASB’s deferral of IFRS 15

29 Jul 2015

On 17 March 2015, the European Financial Reporting Advisory Group (EFRAG) submitted an endorsement advice letter to the European Commission (EC) that recommended IFRS 15 be adopted "with the effective date set by the IASB". This phrase means that if the IASB should at a future point of time decide to delay the effective date, it will also be delayed in Europe. With the IASB’s decision at its 22 July 2015 meeting to defer the effective date of IFRS 15 by one year; the EFRAG has notified the EC that it recommends the 1 January 2018 effective date, as set by the IASB, for application in Europe.

CIPFA/LASAAC consults on new Code of Practice on Local Authority Accounting

24 Jul 2015

The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) is seeking comments on an exposure draft of the 2016/17 Code of Practice on Local Authority Accounting in the UK (the Code) which would apply to accounting periods beginning on or after 1 April 2016 (“the exposure draft”). CIPFA and LASAAC is also seeking comments on a consultation which seeks to improve the presentation of local authority financial statements and on proposed changes to the service reporting code of practice which will apply to accounting periods commencing on 1 April 2016.

EFRAG endorsement status report 23 July 2015

23 Jul 2015

This endorsement status report update reflects that the IASB has voted to defer the effective date of IFRS 15 and that EFRAG has issued final endorsement advice on 'Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28)' (issued in December 2014).

IASB votes to defer the effective date of IFRS 15

22 Jul 2015

The IASB has just unanimously affirmed its proposal to defer the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018. Earlier application of IFRS 15 continues to be permitted.

TRG discusses implementation of new revenue standard

16 Jul 2015

At its 13 July 2015, meeting, the FASB’s and IASB’s joint revenue transition resource group (TRG) discussed potential issues related to implementing the boards’ new revenue standard.

IFRS 15 'Revenue from Contracts with Customers' — Your questions answered

15 Jul 2015

This publication, developed by CPA Canada and Deloitte Canada, answers some of the most common questions coming from stakeholders on IFRS 15. In addition it highlights some key aspects of the standard and provides practical illustrative examples to facilitate better understanding of the standard and its implementation.

FASB votes to defer the effective date of new revenue standard

09 Jul 2015

At its meeting today, the FASB affirmed its proposal to defer for one year the effective date of the new revenue standard (ASU 2014-09, "Revenue From Contracts With Customers") for public and nonpublic entities reporting under U.S. GAAP. In addition, the FASB affirmed that all entities would be permitted to early adopt the standard as of the original effective date in ASU 2014-09 (i.e., annual reporting periods beginning after December 15, 2016).

AOSSG warns against delaying effective dates

09 Jul 2015

The Asian-Oceanian Standard-Setters Group (AOSSG) has commented on the International Accounting Standards Board's (IASB) Exposure Draft ED/2015/2 'Effective Date of IFRS 15'. The AOSSG supports deferring the effective date in this case but warns the IASB against setting 'a precedent for constituents seeking amendments to the effective date of other standards, whenever the implementation is found to be challenging'.

Revenue transition resource group releases meeting agenda

07 Jul 2015

The IASB and FASB released the agenda for the upcoming meeting of their joint revenue transition resource group (TRG), which will be held on 13 July 2015.

We comment on the proposed deferral of the effective date of IFRS 15

06 Jul 2015

We have published our comment letter on the International Accounting Standards Board's (IASB) Exposure Draft ED/2015/2 'Effective Date of IFRS 15'.

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