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

ICAEW comment letter on the IASB's Exposure Draft amending the effective date of IFRS 15

30 Jun, 2015

The Institute of Chartered Accountants in England and Wales (ICAEW) has published its comment letter on the IASB exposure draft (ED) proposing deferral of the effective date of IFRS 15 Revenue from Contracts with Customers by one year.

EFRAG endorsement status report 29 June 2015

30 Jun, 2015

This endorsement status report update reflects several expected delays in the endorsement of IFRS for the use in the European Union. Most notable is a delay in the endorsement of IFRS 15, which is now expected in the first quarter of 2016.

ESMA comment letter on the IASB's Exposure Draft amending the effective date of IFRS 15

29 Jun, 2015

The European Securities and Markets Authority (ESMA) has published its comment letter on the IASB exposure draft (ED) proposing deferral of the effective date of IFRS 15 Revenue from Contracts with Customers by one year.

Chief Accountant of the SEC believes former SEC Chairman's call for burying IFRS was 'premature'

08 Jun, 2015

At a financial reporting conference in California, Jim Schnurr, Chief Accountant of the US Securities and Exchange Commission (SEC) confirmed that the SEC does not intend to bury the objective of a single set of high-quality, globally accepted accounting standards.

Need to know — IASB proposes amendments to IFRS 15 to defer the effective date by one year

28 May, 2015

This newsletter summarises the May 2015 Exposure Draft aimed at deferring the effective date of IFRS 15 Revenue from Contracts with Customers to 1 January 2018.

EFRAG draft comment letter on the IASB's Exposure Draft amending the effective date of IFRS 15

20 May, 2015

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft (ED) proposing deferral of the effective date of IFRS 15 Revenue from Contracts with Customers by one year.

IASB officially proposes to defer the effective date of IFRS 15

19 May, 2015

The International Accounting Standards Board (IASB) has published the expected Exposure Draft (ED) aimed at deferring the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018. Comments are requested by 3 July 2015.

FASB proposes revenue ASU on licensing and identifying performance obligations

12 May, 2015

The FASB has issued proposed ASU, 'Identifying Performance Obligations and Licensing', that would amend certain aspects of the Board’s May 2014 revenue standard, specifically the guidance on identifying performance obligations and the implementation guidance on licensing.

Stay Tuned Online - IFRS and UK GAAP update April 2015

30 Apr, 2015

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

FASB proposes ASU to defer the effective date of the new revenue standard

30 Apr, 2015

The FASB has issued a proposed ASU, 'Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date', which would defer for one year the effective date of the new revenue standard for public and nonpublic entities reporting under US GAAP.

Need to know — IASB tentatively decides to defer the effective date of IFRS 15 by one year

28 Apr, 2015

This newsletter discusses the April 2015 decision of the IASB to propose to defer the effective date of IFRS 15 Revenue from Contracts with Customers.

IASB will propose to defer the effective date of IFRS 15

28 Apr, 2015

In its afternoon session today on IFRS 15 issues, the IASB has just decided to propose to defer the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018.

IASB to discuss effective date of IFRS 15

20 Apr, 2015

In preparation for the IASB's meeting next week, an agenda paper has been released today discussing the effective date of IFRS 15 and asking the IASB whether it wishes to defer the effective date in the light of (i) issues emerging from discussions of the Revenue Transition Resource Group (TRG) and (ii) the FASB’s tentative decision regarding the effective date.

Deloitte releases e-learning module on IFRS 15

15 Apr, 2015

Deloitte’s Global Audit Learning group has released an e-learning module on IFRS 15. This new module is an addition to the extensive catalogue of IFRS e-learning content made freely available by Deloitte.

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

14 Apr, 2015

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

TRG discusses implementation of new revenue standard

01 Apr, 2015

At its 30 March 2015 meeting, the joint revenue transition resource group (TRG) and IASB and FASB board members discussed potential issues related to implementing the boards’ new revenue standard.

US FASB tentatively decides to defer the new revenue standard

01 Apr, 2015

At its meeting today, the US Financial Accounting Standards Board (FASB) tentatively decided 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 US GAAP.

Implementing IFRS 15 'Revenue from Contracts with Customers' - A practical guide to implementation issues for the travel, hospitality and leisure sector

31 Mar, 2015

This guide is intended to provide an overview of applying IFRS 15 within the travel, hospitality and leisure sector. The guidance provided here is not intended to be exhaustive, but aims to highlight some of the potential issues to consider and to indicate how those issues might be approached.

Implementing IFRS 15 'Revenue from Contracts with Customers' - A practical guide to implementation issues for the aerospace and defence industry

31 Mar, 2015

This guide is intended to provide an overview of applying IFRS 15 within the aerospace and defence industry. The guidance provided here is not intended to be exhaustive, but aims to highlight some of the potential issues to consider and to indicate how those issues might be approached.

Agenda for the Joint Transition Resource Group for Revenue Recognition meeting

23 Mar, 2015

The agenda has been released for the upcoming 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 30 March 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).

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