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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

We comment on FRED 67— 'Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'

04 Jul 2017

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 67 ‘Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'.

Deloitte comment letter on FRED 67— 'Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'

04 Jul 2017

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 67 ‘Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'.

2017 Update on Half Yearly Financial Reporting

03 Jul 2017

The 2017 edition of our popular guide to half-yearly financial reporting has now been published on UK Accounting Plus. The publication contains the a regulatory overview, setting out the requirements for half-yearly financial reports and changes for preparers to contend with in 2017, including the European Securities and Markets Authority (ESMA) public statements on issues for consideration in implementing IFRS 15 and IFRS 9; a model half-yearly financial report, including illustrative IAS 34 condensed financial statements; and a disclosure checklist.

FRC defers decision on updating FRS 102 to reflect major changes in IFRSs

30 Jun 2017

The Financial Reporting Council (FRC) has today published a feedback statement summarising respondents views on its consultation Document containing proposals to update Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ to reflect recent changes in International Financial Reporting Standards (IFRSs).

Communiqué and report from the May 2017 Emerging Economies Group meeting

02 Jun 2017

The 13th meeting of the IASB's Emerging Economies Group (EEG) was held in Mumbai on 8-9 May 2017. For the first time ever, the IASB has published a full report from the meeting in addition to the usual communiqué.

May 2017 meeting of the ICAEW FRDG

31 Mar 2017

The next meeting of the Institute of Chartered Accountants in England and Wales (ICAEW) Financial Reporting Discussion Group (FRDG) will be held on 8 May 2017 in London. The meeting will provide a brief overview of the Financial Reporting Council’s (FRC’s) first triennial review of Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

FRAB minutes for March 2017 meeting released

31 Mar 2017

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 16 March 2017 have been made available on the HM Treasury website.

EFRAG endorsement status report 30 March 2017

31 Mar 2017

The endorsement status report has been updated to reflect that ARC votes and final endorsement that were still noted as "Q1 2017" are now expected in the second quarter of 2017.

FRC consults on proposals for incremental improvements and clarifications to FRS 102

23 Mar 2017

The Financial Reporting Council (FRC) has today published proposals for incremental improvements and clarifications to Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

CAQ publishes report on enhancing financial reporting to fight fraud

20 Mar 2017

The Center for Audit Quality (CAQ) of the American Institute of Certified Public Accountants (AICPA) has released a report on addressing challenges for highly subjective and complex accounting areas as key for stemming fraud and reducing the number of restatements.

High-level recap of changes resulting from the application of IFRS 9 and IFRS 15

04 Jan 2017

The IASB has published 'IFRS 9 and IFRS 15 — one year to go' on its website.

Deloitte comment letter on the FRC consultation on changes to FRS 102 to reflect recent changes in IFRS

22 Dec 2016

We have published our comment letter on the Financial Reporting Council’s (FRC’s) consultation on changes to FRS 102 to reflect recent changes in IFRS.

We comment on the FRC consultation on changes to FRS 102 to reflect recent changes in IFRS

22 Dec 2016

We have published our comment letter on the Financial Reporting Council’s (FRC’s) consultation on changes to FRS 102 to reflect recent changes in IFRS.

IOSCO statement on the implementation of new accounting standards

16 Dec 2016

The International Organization of Securities Commissions (IOSCO) has published a stamentent asking companies to disclose the likely effects of the new standards on revenue, financial instruments, and leases as these are expected to significantly affect the financial statements of many issuers globally, given the breadth of their applicability.

IASB publishes editorial corrections

14 Dec 2016

The IASB has published a batch of editorial corrections that retract a previous correction and impact consequential amendments and stand-alone standards.

FRAB minutes for November 2016 meeting released

30 Nov 2016

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 24 November 2016 have been made available on the HM Treasury website.

AcSB and IASB panel discussion on IFRS 15

31 Oct 2016

On 14 October 2016 the Canadian Accounting Standards Board (AcSB) hosted a panel discussion on implementing IFRS 15 'Revenue from Contracts with Customers'. A video recording of that panel discussion as well as the slides presented are now available.

EFRAG endorsement status report 31 October 2016

31 Oct 2016

This endorsement status report update reflects that IFRS 15 'Revenue from Contracts with Customers' has been endorsed for use in the European Union.

European Union formally adopts IFRS 15

31 Oct 2016

The European Union has published a Commission Regulation endorsing IFRS 15 'Revenue from Contracts with Customers'. IFRS 15 specifies how and when an IFRS reporter will recognise revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles based five-step model to be applied to all contracts with customers.

Need to know — FRC consults on changes to FRS 102 to reflect recent changes in IFRSs

10 Oct 2016

The FRC has published a Consultation Document Triennial review of UK and Ireland accounting standards – Approach to changes in IFRS. This forms part of the first triennial review of FRS 102 and sets the direction of travel for UK GAAP. Areas under discussion within this Consultation include revenue recognition, leases and impairment model for financial assets. This Need to know discusses this Consultation.

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.