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Revenue resources

Drops in water

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 resources

Heads Up — Adopting the new revenue standard — Where do companies stand?

04 Apr 2017

This Heads Up discusses certain considerations related to implementing the FASB’s new revenue standard, "Revenue From Contracts With Customers." The discussion compares the results of a 2016 Deloitte-sponsored survey to previously reported results from Deloitte’s 2015 survey, in which respondents were asked various questions pertaining to their readiness to adopt the standard’s provisions.

Financial Reporting Alert 17-5 — SEC reemphasizes its continued focus on the new revenue standard, including advancing ICFR

04 Apr 2017

In a speech at the 13th Annual Life Sciences Accounting & Reporting Congress on March 21, 2017, SEC Chief Accountant Wesley Bricker reminded registrants of the importance of implementing the FASB’s new revenue standard in a timely manner and of providing the transition disclosures required by SEC Staff Accounting Bulletin (SAB) Topic 11.M (SAB 74) before adoption. Mr. Bricker also stressed the key role of internal control over financial reporting (ICFR) in the standard’s successful implementation.

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.

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.

FASB issues 13 technical corrections and improvements to its new revenue standard

22 Dec 2016

The US Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU), “Technical Corrections and Improvements to Topic 606, Revenue From Contracts With Customers,” which make minor changes to the Board’s new revenue guidance which is converged with IFRS 15. This ASU is the result up two sets of technical corrections on revenue proposed by the FASB in May and in September this year.

IOSCO statement on the implementation of new accounting standards

16 Dec 2016

The International Organization of Securities Commissions (IOSCO) has published a statement 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.

CAQ issues publication on revenue for audit committees

14 Dec 2016

The Center for Audit Quality (CAQ) of the American Institute of Certified Public Accountants (AICPA) has released a publication 'Preparing for the New Revenue Recognition Standard: A Tool for Audit Committees'.

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.

Webcast on IFRS 9, IFRS 15, and IFRS 16 and the IASB's future priorities

07 Oct 2016

In connection with the upcoming meeting of the IFRS Foundation's Trustees in New Delhi, the IFRS Foundation and the Institute of Chartered Accountants of India (ICAI) are jointly organising a webcast on recent standards and future priorities.

ISAR workshop on IFRS 15 and IFRS 16

05 Oct 2016

The thirty-third session of the United Nations Conference on Trade and Development (UNCTAD) Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) is currently being held in Geneva. Before the session, there was a workshop on 3 October on recent developments on IFRS.

A roadmap to applying the new revenue recognition standard

28 Sep 2016

This edition to Deloitte's Roadmap series summarizes (1) key provisions of the FASB’s new standard on revenue from contracts with customers, including the specific steps the standard outlines for recognizing revenue; (2) the standard’s disclosure requirements; (3) the standard’s effective date and transition; (4) other provisions and impacts of the standard, including implementation guidance and tax implications; and (5) recent developments related to applying and implementing the standard.

EFRAG endorsement status report 21 September 2016

22 Sep 2016

This endorsement status report update reflects that EFRAG has come to some slightly changed estimates regarding when final endorsement of certain pronoucements for use in the European Union is to be expected.

FASB proposes additional technical corrections and improvements to its new revenue standard

19 Sep 2016

The US Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU), “Technical Corrections and Improvements to Update 2014-09, 'Revenue From Contracts With Customers' (Topic 606) — Additional Corrections,” which would make minor changes to the Board’s new revenue guidance. This proposed ASU is the second set of technical corrections on revenue proposed by the FASB this year.

Joint IASB and FASB webcast on revenue

15 Aug 2016

On 15 September 2016, the IASB and FASB will host a joint webcast to discuss implementation of the requirements in IFRS 15 'Revenue from Contracts with Customers' and ASC 606.

ESMA calls for consistent application of IFRS 15

20 Jul 2016

The European Securities and Markets Authority (ESMA) has published a Public Statement aimed at promoting the consistent application of IFRS 15 'Revenue from Contracts with Customers' by European issuers listed on regulated markets.

EFRAG endorsement status report 6 July 2016

07 Jul 2016

This endorsement status report update reflects the issuance of EFRAG endorsement advice on 'Clarifications to IFRS 15 'Revenue from Contracts with Customers''.

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