IFRS 15 news

A collection of news items related to the May 2014 revenue recognition standard.

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IASB publishes editorial corrections

05 Mar 2015

The International Accounting Standards Board (IASB) has published a batch of editorial corrections that retract a previous correction and impact consequential amendments, stand-alone standards, and the IASB's “2014 IFRS (Red Book)”, "A Guide Through IFRS 2014", and "2015 IFRS (Blue Book)".

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IASB and FASB discuss potential clarifications to joint revenue recognition guidance

20 Feb 2015

At their meeting on Wednesday, the IASB and FASB discussed issues that their joint revenue Transition Resource Group (TRG) has identified in connection with implementation of their converged standard, “Revenue From Contracts With Customers” (issued as IFRS 15 by the IASB and as ASU 2014-09 by the FASB). Specifically, the boards addressed whether to clarify certain aspects of the standard that seem to be causing implementation problems for some preparers.

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Application of IFRS 15 to permitted Islamic finance transactions

16 Jan 2015

At the upcoming meeting of the Joint Transition Resource Group for Revenue Recognition (TRG), participants will discuss the implications of IFRS 15 for certain instruments common in the Islamic financial industry.

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Agenda for the Joint Transition Resource Group for Revenue Recognition meeting

15 Jan 2015

The agenda has been released for the third 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 26 January 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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Summary of November GPF meeting now available

09 Dec 2014

Minutes of the meeting of the Global Preparers Forum (GPF) with representatives of the International Accounting Standards Board (IASB) held in London on Thursday, 6 November 2014 are now available. The meeting discussed a broad range of topics, including a number of IASB active and research projects, and IFRS Interpretations Committee issues.

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SEC may propose a new approach to IFRS in the United States

04 Dec 2014

At a recent conference on the future of financial reporting hosted by the United States Chamber of Commerce, Mr Jim Schnurr, Chief Accountant at the Securities and Exchange Commission (SEC), provided some insights into the possible way forward for International Financial Reporting Standards (IFRSs) in the United States, suggesting that another approach to IFRSs in the United States may be forthcoming in the near future. He also gave some views on the revenue recognition and leases convergence projects.

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Japan updates list of 'designated' IFRSs

17 Nov 2014

The Financial Services Agency (FSA) of Japan has announced that additional IFRSs were designated for use by companies voluntarily applying IFRSs in Japan. The announcement effectively includes all IASB pronouncements issued up to 30 June 2014.

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IFRS Foundation updates the IFRS Taxonomy

12 Nov 2014

The IFRS Foundation has published IFRS Taxonomy 2014 Interim Release 2 which updates the taxonomy for IFRS 15 and common reporting practice in transport and pharmaceuticals sectors.

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FASB announces outreach plan to assess effective date of new revenue guidance

31 Oct 2014

At today’s meeting of the FASB/IASB joint transition resource group for revenue recognition, James Kroeker, the FASB vice chairman, announced that the FASB and its staff plan to conduct further outreach with both public and private companies over the next several months to gauge their progress in preparing to implement the guidance in ASU 2014-09 (equivalent to the IASB's IFRS 15 revenue standard).

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Agenda for the Joint Transition Resource Group for Revenue Recognition meeting

20 Oct 2014

The agenda has been released for the second 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 31 October 2014. 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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Updated EFRAG endorsement status report for draft endorsement advice letter on IFRS 15

15 Oct 2014

The European Financial Reporting Advisory Group (EFRAG) has updated its Endorsement Status Report to include its draft endorsement advice letter on IFRS 15 'Revenue from Contracts with Customers'.

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IASB publishes editorial corrections

19 Sep 2014

The International Accounting Standards Board (IASB) has published its second batch of editorial corrections for 2014. The corrections impact a previous editorial correction, consequential amendments, stand-alone standards, and the IASB's "A Guide Through IFRS 2013", "2014 IFRS (Blue Book)", and "2014 IFRS (Red Book)".

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IFRS Foundation publishes additional proposal for IFRS Taxonomy 2014

22 Aug 2014

The IFRS Foundation has published 'Proposed Interim Release 2 to the IFRS Taxonomy 2014' for public comment.

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Staff paper on issues in the application of IFRS 9 to Islamic finance

21 Aug 2014

The IASB's Consultative Group for Shariah-Compliant Instruments and Transactions will meet in Kuala Lumpur on 5 September 2014 to discuss issues in the application of IFRS 9 'Financial Instruments' to Islamic finance. To this end a staff paper has been prepared addressing issues in the classification of financial instruments under IFRS 9.

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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.

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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'.

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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.

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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'.

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IASB holds meetings with AOSSG and ASBJ

06 Jun 2014

The International Accounting Standards Board (IASB) held a series of meetings in Tokyo with the Asian-Oceanian Standard-Setters Group (AOSSG), the Accounting Standards Board of Japan (ASBJ), and others to discuss recent activities by the IASB.

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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'.

Correction list for hyphenation

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