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

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ASBJ issues revenue recognition standard based on IFRS 15

03 Apr 2018

The Accounting Standards Board of Japan (ASBJ) has issued a new revenue standard, which is largely based on IFRS 15 'Revenue from Contracts with Customers'.

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Deloitte publishes guide to new revenue standard

22 Mar 2018

Deloitte has issued 'Revenue from Contracts with Customers — A guide to IFRS 15'. As the IASB's new revenue standard is now effective (for periods beginning on or after 1 January 2018 with earlier adoption permitted), this detailed guide helps entities consider the impact of the new standard. In some cases, IFRS 15 will require significant changes to systems and may significantly affect other aspects of operations.

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Use of financial accounting standards to meet TCFD recommendations

12 Mar 2018

The Climate Disclosure Standards Board (CDSB) has published 'Uncharted waters: How can companies use financial accounting standards to deliver on the TCFD’s recommendations?'. The publication explores how companies can use existing international accounting standards when implementing the Task Force on Climate-related Financial Disclosures (TCFD) recommendations and comes out as the European Commission calls for the review of current IFRS to assess their potential impact on sustainable investment.

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Paper on the new revenue recognition requirements from the investors' view

27 Feb 2018

The CFA Institute, a global association of investment professionals, has published 'Revenue Recognition: Top Ten Questions Investors Should Be Asking Regarding the Adoption of the New Standard'.

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Deloitte e-learning — IFRS 15

06 Feb 2018

This Deloitte e-learning module provides training in the background, scope and principles under IFRS 15 'Revenue from Contracts with Customers', and the application of this Standard. Topics covered include the principles for the recognition of revenue to the sale of goods, services, licenses, royalties, and any variable consideration or modifications to contracts; and guidance is provided on how these principles should be applied by using the new five step revenue recognition model.

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We comment on three IFRS Interpretations Committee tentative agenda decisions

29 Jan 2018

We have published our comment letters on IFRS Interpretations Committee tentative agenda decisions related to IFRS 15 and IFRS 9, as published in the November 2017 IFRIC Update.

Deloitte comment letter on tentative agenda decision on IFRS 15 — Right to payment for performance completed to date Image

Deloitte comment letter on tentative agenda decision on IFRS 15 — Right to payment for performance completed to date

29 Jan 2018

We have commented on the IFRS Interpretations Committee's publication in the November 2017 IFRIC Update of the tentative decision not to take onto the Committee's agenda the request for clarification on the application of the revenue recognition requirements of IFRS 15 to a contract for the sale of a unit in a residential complex which the customer can cancel during construction and is then liable to pay any shortfall between the original sales price and a price achieved on resale of the unit to a new customer.

Deloitte comment letter on tentative agenda decision on IFRS 15 — Revenue recognition in a real estate contract that includes the transfer of land Image

Deloitte comment letter on tentative agenda decision on IFRS 15 — Revenue recognition in a real estate contract that includes the transfer of land

29 Jan 2018

We have commented on the IFRS Interpretations Committee's publication in the November 2017 IFRIC Update of the tentative decision not to take onto the Committee's agenda the request for clarification on the application of the revenue recognition requirements of IFRS 15 to a contract for the sale of land and a building in which title to the land irrevocably transfers to the customer at contract inception, with the building subsequently constructed on that land.

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Investor education sessions on new major standards

24 Jan 2018

On the fringes of the upcoming meeting of the IFRS Foundation in Hong Kong, the Hong Kong Institute of Certified Public Accountants (HKICPA) and the IASB will host a series of educational events for investors on Thursday 1 February 2018.

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Video summary of IPSASB consultation paper on accounting for revenue and non-exchange expenses

10 Jan 2018

In August 2017, the International Public Sector Accounting Standards Board (IPSASB) published a consultation paper on potential recognition and measurement approaches for revenue and non-exchange expenses. The IPSASB has now released a short video highlighting the concepts, proposals and IPSASB preliminary views contained in the consultation paper.

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We comment on two IFRS Interpretations Committee tentative agenda decisions

20 Nov 2017

We have published our comment letters on IFRS Interpretations Committee tentative agenda decisions on IFRS 15 and IAS 28, as published in the September 2017 IFRIC Update.

Deloitte comment letter on tentative agenda decision on IFRS 15 — Revenue recognition in a real estate contract Image

Deloitte comment letter on tentative agenda decision on IFRS 15 — Revenue recognition in a real estate contract

20 Nov 2017

We agree with the IFRS Interpretations Committee's decision not to add this item onto its agenda for the reasons set out in the tentative agenda decision; however, we recommend an amendment to the wording in the tentative agenda decision to highlight the distinction between control of an asset and of a right to sell or pledge that asset in the future.

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IFRS model financial statements 2017 — Appendix 2: Early application of IFRS 15 'Revenue from Contracts with Customers'

14 Nov 2017

This Appendix has been produced to complement the International GAAP Holdings Limited Model financial statements for the year ended 31 December 2017. It focuses on the disclosure requirements in IFRS 15 'Revenue from Contracts with Customers' which are effective for annual periods beginning on or after 1 January 2018. It does not illustrate all the disclosures in IFRS 15, which will depend on an entity's underlying facts and circumstances.

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EFRAG endorsement status report 9 November 2017

09 Nov 2017

This endorsement status report update reflects that IFRS 16 'Leases', 'Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12)', 'Disclosure Initiative (Amendments to IAS 7)', 'Clarifications to IFRS 15 'Revenue from Contracts with Customers'', and 'Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendments to IFRS 4)' have been adopted for use in the European Union.

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European Union formally adopts IFRS 16 as well as several amendments to IFRSs

09 Nov 2017

The European Union has published a Commission Regulation endorsing IFRS 16 'Leases', 'Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12)', 'Disclosure Initiative (Amendments to IAS 7)', 'Clarifications to IFRS 15 'Revenue from Contracts with Customers'', and 'Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendments to IFRS 4)'.

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ESMA announces enforcement priorities for 2017 financial statements

27 Oct 2017

The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2017 financial statements will focus on.

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Paper on the transition to full adoption of new revenue recognition requirements

24 Oct 2017

The CFA Institute, a global association of investment professionals, has published 'Revenue Recognition Changes'.

Implementing IFRS 15 'Revenue from Contracts with Customers' — A practical guide to implementation issues for the asset managament sector Image

Implementing IFRS 15 'Revenue from Contracts with Customers' — A practical guide to implementation issues for the asset management sector

16 Oct 2017

This guide is intended to provide an overview of applying IFRS 15 within the asset management sector. The guidance provided here is not intended to be exhaustive, but aims to highlight some of the potential issues to consider and to indicate how those issues might be approached.

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IASB publishes editorial corrections

27 Sep 2017

The IASB has published a batch of editorial corrections that impact consequential amendments and stand-alone standards as well as the Blue Book 2017, the Red Book 2017 and the Green Book 2017.

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IPSASB consults on accounting for revenue and non-exchange expenses

23 Aug 2017

The International Public Sector Accounting Standards Board (IPSASB) has published a consultation paper on potential recognition and measurement approaches for revenue and non-exchange expenses. The paper proposes updating existing IPSAS 23 'Revenue from Non-Exchange Transactions (Taxes and Transfers)' as well as to replace current IPSAS dealing with revenue arising from exchange transactions and construction contracts with an IPSAS based on IFRS 15.

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