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

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'.

Robert Bruce interviews – A detailed look at the new revenue framework, IFRS 15 'Revenue from Contracts with Customers'

23 Jun, 2014

In this interview, Robert speaks 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. They discuss in greater detail the core principles underpinning the IFRS 15 framework, and potential issues that certain IFRS reporters may encounter when implementing this standard. They additionally discuss certain guidance that IFRS 15 introduces of which IFRS reporters will need to be aware, such as disclosures, contract modifications and customer options to purchase additional goods and services, and transition options.

Point of view: Chemicals sector — New revenue standard could impact profile of revenue and profit recognition.

20 Jun, 2014

This publication highlights issues from the new revenue recognition standard that will be of interest to those in the chemicals sector.

Point of view: Power sector — New revenue standard could impact profile of revenue and profit recognition.

19 Jun, 2014

This publication highlights issues from the new revenue recognition standard that will be of interest to those in the power sector.

Point of view: Banking and securities sector — New revenue standard could impact profile of revenue and cost recognition.

18 Jun, 2014

This publication highlights issues from the new revenue recognition standard that will be of interest to those in the Banking and securities sector.

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'.

Point of view: Industrial products sector — New revenue standard could impact profile of revenue and profit recognition

04 Jun, 2014

This publication highlights issues from the new revenue recognition standard that will be of interest to those in the industrial products sector.

Point of view: Consumer products sector — New revenue standard could impact profile of revenue and profit recognition

04 Jun, 2014

This publication highlights issues from the new revenue recognition standard that will be of interest to those in the consumer products sector.

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.

Point of view: Travel, Hospitality and Leisure sector — New revenue standard could impact profile of revenue and profit recognition.

03 Jun, 2014

This publication highlights issues from the new revenue recognition standard that will be of interest to those in the travel, hospital and leisure sector.

Point of view: Healthcare Provider sector — New revenue standard could impact profile of revenue and profit recognition.

03 Jun, 2014

This publication highlights issues from the new revenue recognition standard that will be of interest to those in the healthcare provider sector.

Point of view: Investment Management sector — New revenue standard could impact profile of revenue and profit recognition.

03 Jun, 2014

This publication highlights issues from the new revenue recognition standard that will be of interest to those in the investment management sector.

Point of view: Life Sciences sector — New revenue standard could have a major impact on the profile of revenue and profit recognition.

03 Jun, 2014

This publication highlights issues from the new revenue recognition standard that will be of interest to those in the life sciences sector.

Point of view: Retail, Wholesale and Distribution sector — New revenue standard could impact profile of revenue and profit recognition.

03 Jun, 2014

This publication highlights issues from the new revenue recognition standard that will be of interest to those in the Retail, Wholesale and Distribution sector.

Point of view: Telecommunications sector — New revenue standard may require system changes and could have a major impact on profile of revenue and profit recognition

30 May, 2014

This publication highlights issues from the new revenue recognition standard that will be of interest to those in the telecommunications sector.

Point of view: Technology sector — New revenue standard could have a major impact on profile of revenue and profit recognition and may require system changes.

30 May, 2014

This publication highlights issues from the new revenue recognition standard that will be of interest to those in the technology sector.

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