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

IASB publishes editorial corrections

08 Dec 2015

The IASB has published a batch of editorial corrections to stand-alone standards.

EFRAG endorsement status report 3 December 2015

03 Dec 2015

This endorsement status report update reflects that the European Union has published a Commission Regulation adopting 'Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38)' for use in the European Union. It also reflects that the Accounting Regulatory Committee (ARC) meeting was cancelled due to the special situation in Brussels, therefore ARC votes on IFRS 15 and amendments to IFRS 10, IFRS 12 and IAS 28 will not occur until the first quarter of 2016. Accordingly, endorsement of these pronouncement is now expected in the second quarter of 2016.

IFRS Foundation releases training material for IFRS 9 and IFRS 15

27 Nov 2015

The IFRS Foundation's education initiative has releases slide decks to support those teaching IFRSs. The material provided now is for IFRS 9 'Financial Instruments' and IFRS 15 'Revenue from Contracts with Customers'. Both standards are effective for annual reporting periods beginning on or after 1 January 2018 with early application permitted.

IFRS in Focus — Joint Meeting on Revenue

18 Nov 2015

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

TRG discusses implementation of new revenue standard

11 Nov 2015

At its 9 November 2015, meeting, the FASB’s and IASB’s joint revenue transition resource group (TRG) discussed potential issues related to implementing the boards’ new revenue standard.

TRG Snapshot — Joint meeting on revenue: November 2015

11 Nov 2015

This TRG Snapshot summarizes the November 9, 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.

Revenue transition resource group releases meeting agenda

03 Nov 2015

The FASB and IASB have released the agenda for the next meeting of their joint revenue transition resource group (TRG), which will be held on 9 November 2015.

AICPA begins developing revenue recognition implementation guidance

03 Nov 2015

The Financial Reporting Executive Committee of the American Institute of Certified Public Accountants (AICPA) has released for public comment nine working drafts on accounting issues associated with the implementation of the new revenue standard.

'What kind of accounting standards should the IASB write?'

02 Nov 2015

The IASB makes available a paper by IASB member Mary Tokar published in the Journal of Accounting and Management Information Systems (JAMIS). The paper focuses on a long-standing challenge for standard setters: What kind of standards should they write?

We comment on the proposed clarifications to IFRS 15

28 Oct 2015

We have published our comment letter on the International Accounting Standards Board's (IASB) Exposure Draft ED/2015/6 'Clarifications to IFRS 15'.

Deloitte comment letter on IASB ED/2015/6 'Clarifications to IFRS 15'

28 Oct 2015

Deloitte Touche Tohmatsu Limited has responded to the International Accounting Standards Board's (IASB) Exposure Draft ED/2015/6 Clarifications to IFRS 15.

IFRS 15 — ESMA believes the IASB has identified the right issues, calls for clear documentation of impacts of differences between IASB and FASB

08 Oct 2015

The European Securities and Markets Authority (ESMA) has commented on the IASB exposure draft ED/2015/6 'Clarifications to IFRS 15'.

IFRS industry insights: Mining sector — IFRS 15, the new revenue Standard could impact profile of revenue and profit recognition

08 Oct 2015

This publication highlights issues from the new revenue recognition standard that will be of interest to those in the mining sector.

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.

FASB proposes clarifications to its new revenue standard

30 Sep 2015

The US Financial Accounting Standards Board (FASB) has issued a proposed ASU, 'Narrow-Scope Improvements and Practical Expedients', that would amend certain aspects of the Board’s May 2014 revenue standard, ASU 2014-09, 'Revenue From Contracts With Customers'.

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.

IPSASB announces strategy for 2015 forward

18 Sep 2015

The International Public Sector Accounting Standards Board (IPSASB) has released its final strategy and work programme for 2015-2018. Among the projects to be taken up is also a revenue recognition project that will consider the extent to which the principles in IFRS 15 are appropriate for transactions in the public sector.

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'.

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.

IASB defers effective date of IFRS 15

11 Sep 2015

The International Accounting Standards Board (IASB) has published 'Effective Date of IFRS 15' deferring the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018. Earlier application of IFRS 15 continues to be permitted.

Correction list for hyphenation

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