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

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.

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ASBJ urges FASB to wait for IASB with changes to revenue recognition requirements

03 Jul 2015

The Accounting Standards Board of Japan (ASBJ) has responded to the proposed revenue ASU on licensing and identifying performance obligations the FASB published for comment in May.

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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Chief Accountant of the SEC believes former SEC Chairman's call for burying IFRS was 'premature'

08 Jun 2015

At a financial reporting conference in California, Jim Schnurr, Chief Accountant of the US Securities and Exchange Commission (SEC) confirmed that the SEC does not intend to bury the objective of a single set of high-quality, globally accepted accounting standards.

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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.

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IASB officially proposes to defer the effective date of IFRS 15

19 May 2015

The International Accounting Standards Board (IASB) has published the expected Exposure Draft (ED) aimed at deferring the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018. Comments are requested by 3 July 2015.

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.

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FASB proposes revenue ASU on licensing and identifying performance obligations

12 May 2015

The FASB has issued proposed ASU, 'Identifying Performance Obligations and Licensing', that would amend certain aspects of the Board’s May 2014 revenue standard, specifically the guidance on identifying performance obligations and the implementation guidance on licensing.

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

30 Apr 2015

The FASB has issued a proposed ASU, 'Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date', which would defer for one year the effective date of the new revenue standard for public and nonpublic entities reporting under US GAAP.

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

28 Apr 2015

This newsletter discusses the April 2015 decision of the IASB proposing to defer the effective date of IFRS 15 'Revenue from Contracts with Customers'.

IASB (International Accounting Standards Board) (blue) Image

IASB will propose to defer the effective date of IFRS 15

28 Apr 2015

In its afternoon session today on IFRS 15 issues, the IASB has just decided to propose to defer the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018.

Clearly IFRS — IASB and FASB Joint Transition Resource Group for Revenue Recognition (March 2015) Image

Clearly IFRS — IASB and FASB Joint Transition Resource Group for Revenue Recognition (March 2015)

22 Apr 2015

This publication from Deloitte (Canada) summarises the March meeting of the IASB and FASB joint revenue transition resource group (TRG).

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IASB to discuss effective date of IFRS 15

20 Apr 2015

In preparation for the IASB's meeting next week, an agenda paper has been released today discussing the effective date of IFRS 15 and asking the IASB whether it wishes to defer the effective date in the light of (i) issues emerging from discussions of the Revenue Transition Resource Group (TRG) and (ii) the FASB’s tentative decision regarding the effective date.

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Deloitte releases e-learning module on IFRS 15

15 Apr 2015

Deloitte’s Global Audit Learning group has released an e-learning module on IFRS 15. This new module is an addition to the extensive catalogue of IFRS e-learning content made freely available by Deloitte.

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

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

13 Apr 2015

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

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TRG discusses implementation of new revenue standard

01 Apr 2015

At its 30 March 2015 meeting, the joint revenue transition resource group (TRG) and IASB and FASB board members discussed potential issues related to implementing the boards’ new revenue standard.

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