All IFRS 15 publications

A collection of all our publications related to the May 2014 revenue recognition standard.

Heads Up — FASB issues proposed revenue ASU to make narrow-scope amendments and provide practical expedients Image

Heads Up — FASB issues proposed revenue ASU to make narrow-scope amendments and provide practical expedients

02 Oct 2015

This Heads Up discusses the FASB’s recently issued proposed Accounting Standards Update (ASU), "Revenue From Contracts With Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients," which would amend certain aspects of the Board’s May 2014 revenue standard, ASU 2014-09, "Revenue From Contracts With Customers." The proposed amendments include those related to (1) collectibility, (2) presentation of sales tax and other similar taxes collected from customers, (3) noncash consideration, (4) contract modifications and completed contracts at transition, and (5) a transition technical correction. The proposal’s effective date and transition provisions would be aligned with the requirements of ASU 2014-09. Comments on the proposed ASU are due by November 16, 2015.

New revenue standard — SEC encourages elevation of implementation issues to the FASB/IASB joint transition resource group Image

New revenue standard — SEC encourages elevation of implementation issues to the FASB/IASB joint transition resource group

25 Sep 2015

In recent weeks, James Schnurr and Wesley R. Bricker, chief accountant and deputy chief accountant, respectively, in the SEC’s Office of the Chief Accountant, have given speeches in which they have discussed the ongoing efforts to implement the FASB’s and IASB’s new revenue standard (issued as ASU 2014-09 by the FASB and IFRS 15 by the IASB), including the ongoing collaboration between preparers, auditors, and standard setters.

EFRAG endorsement status report 15 September 2015 Image

EFRAG endorsement status report 15 September 2015

15 Sep 2015

This endorsement status report update reflects that EFRAG has finalised its endorsement advice on IFRS 9 ‘Financial Instruments’ and that the Accounting Regulatory Committee (ARC) has voted in favour of adopting 'Annual Improvements to IFRSs 2012–2014'.

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IFRS in Focus — IASB issues amendments to defer effective date of IFRS 15

11 Sep 2015

This edition outlines the amendments to IFRS 15 'Revenue from Contracts with Customers' formalising the deferral of the effective date by one year to 2018.

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Heads Up — FASB proposes amendments to new revenue standard’s guidance on principal-versus-agent considerations

01 Sep 2015

This Heads Up Up summarizes the key provisions of the FASB’s proposed ASU that would amend the Board’s new revenue standard to address issues raised regarding how an entity should assess whether it is the principal or the agent in contracts that include three or more parties (“principal-versus-agent considerations”). In addition, this newsletter reproduces the proposed ASU’s (1) questions for respondents and (2) illustrative examples that would amend or supplement the new revenue standard’s existing examples.

IFRS in Focus — IASB proposes clarifications to IFRS 15 Image

IFRS in Focus — IASB proposes clarifications to IFRS 15

28 Aug 2015

This edition outlines the proposed clarifications to IFRS 15 'Revenue from Contracts with Customers' set out in the recent exposure draft ED/2015/6 'Clarification to IFRS 15' which was issued in July 2015 for public comment.

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FASB issues ASU to defer the effective date of the new revenue standard

13 Aug 2015

Yesterday, the FASB issued ASU 2015-14, which defers the effective date of the Board’s revenue standard, ASU 2014-09, by one year for all entities and permits early adoption on a limited basis.

IFRS in Focus — Joint meeting on Revenue (July 2015) Image

IFRS in Focus — Joint meeting on Revenue (July 2015)

04 Aug 2015

This newsletter summarises the July 2015 meeting of the IASB and FASB joint revenue transition resource group.

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EFRAG endorsement status report 23 July 2015

23 Jul 2015

This endorsement status report update reflects that the IASB has voted to defer the effective date of IFRS 15 and that EFRAG has issued final endorsement advice on 'Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28)' (issued in December 2014).

TRG Snapshot — Joint meeting on revenue: July 2015 Image

TRG Snapshot — Joint meeting on revenue: July 2015

16 Jul 2015

This TRG Snapshot summarizes the July 13, 2015, meeting of the joint FASB and IASB transition resource group (TRG) on revenue recognition, which was formed to discuss and analyze potential issues that preparers may face when implementing the boards’ new revenue standard.

IFRS 15 'Revenue from Contracts with Customers' — Your questions answered Image

IFRS 15 'Revenue from Contracts with Customers' — Your questions answered

15 Jul 2015

This publication, developed by CPA Canada and Deloitte Canada, answers some of the most common questions coming from stakeholders on IFRS 15. In addition it highlights some key aspects of the standard and provides practical illustrative examples to facilitate better understanding of the standard and its implementation.

Heads Up — FASB confirms decision to defer effective date of new revenue standard by one year Image

Heads Up — FASB confirms decision to defer effective date of new revenue standard by one year

10 Jul 2015

This Heads Up discusses the FASB’s recent decision to reaffirm the guidance in its April 2015 proposed Accounting Standards Update (ASU), Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date, which defers for one year the effective date of the new revenue standard (ASU 2014-09) for both public and nonpublic entities reporting under U.S. GAAP and allows early adoption as of the original effective date. The FASB’s final decision comes after a month-long comment period that closed on May 29, 2015. Comment-letter respondents unanimously supported the deferral of the effective date by at least one year, stating that the additional time would allow for more successful implementation of the requirements as entities work through issues associated with IT solutions and adoption of new processes and controls.

Deloitte comment letter on IASB ED/2015/2 'Effective Date of IFRS 15' Image

Deloitte comment letter on IASB ED/2015/2 'Effective Date of IFRS 15'

06 Jul 2015

In our comment letter, we agree with the proposal to defer the effective date of IFRS 15 by one year. We also encourage the IASB and the FASB to continue with the targeted clarifications to the revenue requirements to ensure that a converged, stable, and operational standard is available to preparers sufficiently far in advance of the effective date. Lastly, we encourage the IASB to continue to monitor the implementation progress to make sure the revised effective date remains appropriate.

Deloitte comment letter on IASB ED/2015/2 'Effective Date of IFRS 15' - Appendix Image

Deloitte comment letter on IASB ED/2015/2 'Effective Date of IFRS 15' - Appendix

06 Jul 2015

Deloitte Touche Tohmatsu Limited has responded to the International Accounting Standards Board's (IASB) Exposure Draft ED/2015/2 'Effective Date of IFRS 15' and has appended the response of Deloitte & Touche in the U.S. to the corresponding FASB proposal to its response.

EFRAG endorsement status report 29 June 2015 Image

EFRAG endorsement status report 29 June 2015

30 Jun 2015

This endorsement status report update reflects several expected delays in the endorsement of IFRS for the use in the European Union. Most notable is a delay in the endorsement of IFRS 15, which is now expected in the first quarter of 2016.

Boards address principal-versus-agent considerations in new revenue standard Image

Boards address principal-versus-agent considerations in new revenue standard

26 Jun 2015

This week, the FASB and IASB tentatively decided to amend the new revenue standard to address issues that have been raised related to how an entity should assess whether it is the principal or agent in contracts that include three or more parties (i.e., principal-versus-agent considerations).

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IFRS in Focus — IASB proposes amendments to IFRS 15 to defer the effective date by one year

20 May 2015

This newsletter summarises the May 2015 Exposure Draft aimed at deferring the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018.

Heads Up — FASB issues proposed revenue ASU on licensing and identifying performance obligations Image

Heads Up — FASB issues proposed revenue ASU on licensing and identifying performance obligations

13 May 2015

This Heads Up discusses the FASB’s recently issued proposed Accounting Standards Update (ASU), "Identifying Performance Obligations and Licensing," which would amend certain aspects of the guidance on these topics in the Board’s May 2014 revenue standard, "Revenue From Contracts With Customers" (ASU 2014-09). The amendments are being made in response to feedback received by the FASB–IASB joint revenue recognition transition resource group, which was formed to address potential issues associated with the implementation of ASU 2014-09.

Heads Up — FASB proposes to defer the new revenue standard for one year Image

Heads Up — FASB proposes to defer the new revenue standard for one year

29 Apr 2015

This Heads Up discusses the FASB’s proposed Accounting Standards Update to defer for one year the effective date of FASB Accounting Standards Update No. 2014-09, "Revenue From Contracts With Customers," for public and nonpublic entities reporting under U.S. GAAP.

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Clearly IFRS — IASB tentatively decides to defer the effective date of IFRS 15 by one year

28 Apr 2015

This publication from Deloitte (Canada) discusses the IASB's tentative decision to defer the effective date of IFRS 15 'Revenue from Contracts with Customers'.

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