IFRS 15 news

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

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Paper on the transition to full adoption of new revenue recognition requirements

24 Oct 2017

The CFA Institute, a global association of investment professionals, has published 'Revenue Recognition Changes'.

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IASB publishes editorial corrections

27 Sep 2017

The IASB has published a batch of editorial corrections that impact consequential amendments and stand-alone standards as well as the Blue Book 2017, the Red Book 2017 and the Green Book 2017.

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IPSASB consults on accounting for revenue and non-exchange expenses

23 Aug 2017

The International Public Sector Accounting Standards Board (IPSASB) has published a consultation paper on potential recognition and measurement approaches for revenue and non-exchange expenses. The paper proposes updating existing IPSAS 23 'Revenue from Non-Exchange Transactions (Taxes and Transfers)' as well as to replace current IPSAS dealing with revenue arising from exchange transactions and construction contracts with an IPSAS based on IFRS 15.

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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.

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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.

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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.

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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.

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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.

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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.

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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'.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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'.

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FASB clarifies guidance on licensing and identifying performance obligations

14 Apr 2016

The US Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2016-10 'Identifying Performance Obligations and Licensing', which amends certain aspects of the Board’s new revenue standard, ASU 2014-09 'Revenue From Contracts With Customers'.

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IASB publishes clarifications to IFRS 15

12 Apr 2016

The International Accounting Standards Board (IASB) has published final clarifications to IFRS 15 'Revenue from Contracts with Customers'. The amendments are effective for annual reporting periods beginning on or after 1 January 2018 (same effective date as IFRS 15 itself). Earlier application is permitted.

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