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

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.

Malaysia defers revenue standard and overall effective date for transitioning entities

08 Sep 2015

The Malaysian Accounting Standards Board (MASB) has announced that the effective date of MFRS 15 'Revenue from Contracts with Customers' will be deferred to annual periods beginning on or after 1 January 2018. MFRS 15 is word-for-word identical with IFRS 15. As a result, the effective date for Transitioning Entities (TEs) to apply the Malaysian Financial Reporting Standards (MFRSs) will also be deferred to annual periods beginning on or after 1 January 2018.

EFRAG believes IASB should only clarify IFRS 15 where absolutely necessary

04 Sep 2015

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2015/6 'Clarifications to IFRS 15'.

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.

FASB proposes guidance on principal-versus-agent considerations

31 Aug 2015

The FASB has issued a proposed ASU, "Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net).”

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.

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.

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