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

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.

FASB issues ASU deferring the effective date of the new revenue standard

12 Aug 2015

The FASB has issued an 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 for public and nonpublic entities reporting under U.S. GAAP.

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.

IASB proposes clarifications to IFRS 15

30 Jul 2015

The International Accounting Standards Board (IASB) has published an Exposure Draft (ED/2015/6) with proposed clarifications of IFRS 15 'Revenue from Contracts with Customers'. Comments are requested by 28 October 2015.

EFRAG supports the IASB’s deferral of IFRS 15

29 Jul 2015

On 17 March 2015, the European Financial Reporting Advisory Group (EFRAG) submitted an endorsement advice letter to the European Commission (EC) that recommended IFRS 15 be adopted "with the effective date set by the IASB". This phrase means that if the IASB should at a future point of time decide to delay the effective date, it will also be delayed in Europe. With the IASB’s decision at its 22 July 2015 meeting to defer the effective date of IFRS 15 by one year; the EFRAG has notified the EC that it recommends the 1 January 2018 effective date, as set by the IASB, for application in Europe.

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).

IASB votes to defer the effective date of IFRS 15

22 Jul 2015

The IASB has just unanimously affirmed its proposal to defer the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018. Earlier application of IFRS 15 continues to be permitted.

TRG discusses implementation of new revenue standard

16 Jul 2015

At its 13 July 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: 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

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

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.

FASB votes to defer the effective date of new revenue standard

09 Jul 2015

At its meeting today, the FASB affirmed its proposal to defer for one year the effective date of the new revenue standard (ASU 2014-09, "Revenue From Contracts With Customers") for public and nonpublic entities reporting under U.S. GAAP. In addition, the FASB affirmed that all entities would be permitted to early adopt the standard as of the original effective date in ASU 2014-09 (i.e., annual reporting periods beginning after December 15, 2016).

AOSSG warns against delaying effective dates

09 Jul 2015

The Asian-Oceanian Standard-Setters Group (AOSSG) has commented on the International Accounting Standards Board's (IASB) Exposure Draft ED/2015/2 'Effective Date of IFRS 15'. The AOSSG supports deferring the effective date in this case but warns the IASB against setting 'a precedent for constituents seeking amendments to the effective date of other standards, whenever the implementation is found to be challenging'.

Revenue transition resource group releases meeting agenda

07 Jul 2015

The IASB and FASB released the agenda for the upcoming meeting of their joint revenue transition resource group (TRG), which will be held on 13 July 2015.

We comment on the proposed deferral of the effective date of IFRS 15

06 Jul 2015

We have published our comment letter on the International Accounting Standards Board's (IASB) Exposure Draft ED/2015/2 'Effective Date of IFRS 15'.

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