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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

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''.

EFRAG endorsement status report 17 May 2016

17 May 2016

This endorsement status report update reflects that EFRAG published draft endorsement advice on 'Clarifications to IFRS 15'. Endorsement is currently expected in the first quarter of 2017.

Heads Up — FASB makes narrow-scope amendments to revenue standard and provides practical expedients

11 May 2016

This Heads Up discusses FASB Accounting Standards Update (ASU) No. 2016-12, "Narrow-Scope Improvements and Practical Expedients," which amends certain aspects of the Board's May 2014 revenue standard (ASU 2014-09, "Revenue From Contracts With Customers"). The amendments address certain implementation issues identified by the FASB's transition resource group and clarify, rather than change, the new revenue standard's core revenue recognition principles.

FASB clarifies revenue guidance on practical expedients

10 May 2016

The US Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2016-12 'Narrow-Scope Improvements and Practical Expedients', which amends certain aspects of the Board’s new revenue standard, ASU 2014-09 'Revenue From Contracts With Customers'.

TRG Snapshot — Meeting on revenue: April 2016

20 Apr 2016

This TRG Snapshot summarizes the April 18, 2016, meeting of the transition resource group (TRG) on revenue recognition.

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.