IFRS 15 news

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

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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.

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Joint webcast on revenue recognition

29 May 2014

On 5 June 2014, the IASB and FASB will hold a joint webcast on the boards’ final standard on revenue from contracts with customers.

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The Bruce Column — Recognising the achievement

28 May 2014

The new revenue recognition standard has been a long time in gestation. Now that it is published Robert Bruce, our regular resident columnist assesses its impact and effects.

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IASB and FASB issue new, converged revenue standards

28 May 2014

The International Accounting Standard Board (IASB) has today published its new revenue Standard, IFRS 15 'Revenue from Contracts with Customers'. At the same time, the US-based Financial Accounting Standards Board (FASB) has published its equivalent revenue standard, ASU 2014-09 'Revenue from Contracts with Customers' (Topic 606).The standards are the result of a convergence project between the two Boards. 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 supersedes IAS 18 'Revenue', IAS 11 'Construction Contracts' and a number of revenue-related interpretations. Application of the standard is mandatory for all IFRS reporters and it applies to nearly all contracts with customers: the main exceptions are leases, financial instruments and insurance contracts.

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