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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EFRAG endorsement status report 6 July 2016

07 Jul 2016

This endorsement status report update reflects the issuance of EFRAG endorsement advice on 'Clarifications to IFRS 15 'Revenue from Contracts with Customers''.

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EFRAG endorsement status report 17 May 2016

17 May 2016

This endorsement status report update reflects that EFRAG published draft endorsement advice on 'Clarifications to IFRS 15'. Endorsement is currently expected in the first quarter of 2017.

Heads Up — FASB makes narrow-scope amendments to revenue standard and provides practical expedients Image

Heads Up — FASB makes narrow-scope amendments to revenue standard and provides practical expedients

11 May 2016

This Heads Up discusses FASB Accounting Standards Update (ASU) No. 2016-12, "Narrow-Scope Improvements and Practical Expedients," which amends certain aspects of the Board's May 2014 revenue standard (ASU 2014-09, "Revenue From Contracts With Customers"). The amendments address certain implementation issues identified by the FASB's transition resource group and clarify, rather than change, the new revenue standard's core revenue recognition principles.

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FASB clarifies revenue guidance on practical expedients

10 May 2016

The US Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2016-12 'Narrow-Scope Improvements and Practical Expedients', which amends certain aspects of the Board’s new revenue standard, ASU 2014-09 'Revenue From Contracts With Customers'.

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TRG Snapshot — Meeting on revenue: April 2016

20 Apr 2016

This TRG Snapshot summarizes the April 18, 2016, meeting of the transition resource group (TRG) on revenue recognition.

IFRS in Focus — IFRS in Focus — IASB introduced clarifications to IFRS 15 Image

IFRS in Focus — IASB introduced clarifications to IFRS 15

20 Apr 2016

This newsletter outlines the IASB's recent clarifying amendments to IFRS 15 'Revenue from Contracts with Customers'.

EFRAG endorsement status report 20 April 2016 Image

EFRAG endorsement status report 20 April 2016

20 Apr 2016

This endorsement status report update reflects that on 18 April 2016 the Accounting Regulatory Committee (ARC) voted in favour of endorsing the amendment 'Investment Entities – Applying the Consolidation Exception'. Endorsement is currently expected in the third quarter of 2016.

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EFRAG endorsement status report 18 April 2016

19 Apr 2016

This endorsement status report update reflects that on 11 April 2016 the Accounting Regulatory Committee (ARC) voted in favour of endorsing IFRS 15 'Revenue from Contracts with Customers' including the amendments to IFRS 15 'Effective date of IFRS 15'. Endorsement is currently expected in the second half of 2016.

Heads Up — FASB clarifies guidance on licensing and identifying performance obligations Image

Heads Up — FASB clarifies guidance on licensing and identifying performance obligations

15 Apr 2016

This Heads Up discusses the FASB’s recently issued Accounting Standards Update (ASU) No. 2016-10, "Identifying Performance Obligations and Licensing," which amends certain aspects of the Board's new revenue standard, ASU 2014-09, "Revenue From Contracts With Customers." The amendments in the ASU reflect feedback received by the FASB-IASB joint revenue recognition transition resource group, which was formed to address potential issues associated with the implementation of the new revenue standard, as well as comments received from stakeholders on the FASB’s proposed guidance.

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FASB clarifies guidance on licensing and identifying performance obligations

14 Apr 2016

The US Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2016-10 'Identifying Performance Obligations and Licensing', which amends certain aspects of the Board’s new revenue standard, ASU 2014-09 'Revenue From Contracts With Customers'.

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EFRAG endorsement status report 13 April 2016

13 Apr 2016

This endorsement status report update reflects the issuance of 'Clarifications to IFRS 15 'Revenue from Contracts with Customers'' by the IASB on 12 April 2016. Endorsement is currently expected in the first quarter of 2017.

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IASB publishes clarifications to IFRS 15

12 Apr 2016

The International Accounting Standards Board (IASB) has published final clarifications to IFRS 15 'Revenue from Contracts with Customers'. The amendments are effective for annual reporting periods beginning on or after 1 January 2018 (same effective date as IFRS 15 itself). Earlier application is permitted.

TRG Snapshot — Summary of revenue implementation issues discussed to date Image

TRG Snapshot — Summary of revenue implementation issues discussed to date

31 Mar 2016

This TRG Snapshot summarizes the nearly 40 issues discussed, and general agreement reached, by the FASB’s and IASB’s joint transition resource group (TRG) in its six meetings held to date. The issues are organized topically in a manner consistent with their arrangement in the new revenue standard, and the publication’s appendix lists the issues chronologically. In addition, the appendix includes links to (1) TRG agenda papers that further describe the issues and provide illustrative examples, (2) the TRG’s minutes for each meeting (if publicly available), and (3) Deloitte’s summary of each meeting.

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Chief Accountant of the SEC comments on revenue recognition

24 Mar 2016

At an accounting and reporting congress in Philadelphia, Jim Schnurr, Chief Accountant of the US Securities and Exchange Commission (SEC), shared some of his thoughts and perspectives on the continuing transition activities for the new revenue standard.

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FASB issues ASU on principal-versus-agent considerations

17 Mar 2016

The US Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2016-08 'Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net)', to clarify certain aspects of the principal-versus-agent guidance in its new revenue recognition standard in response to feedback received from the FASB-IASB joint revenue recognition transition resource group.

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EFRAG endorsement status report 9 March 2016

09 Mar 2016

This endorsement status report update reflects that the final endorsement of IFRS 15 'Revenue from Contracts with Customers' for use in the European Union is now expected in the second half of 2016 (was: second quarter of 2016).

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Japan updates list of 'designated' IFRSs

25 Feb 2016

The Financial Services Agency (FSA) of Japan has announced that additional IFRSs issued in 2015 were designated for use by companies voluntarily applying IFRSs in Japan.

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IASB says TRG not scheduled to meet again

22 Jan 2016

The IASB has announced that the Transition Resource Group for Revenue Recognition (TRG) is not scheduled to meet again.

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IFRS Foundation publishes proposed IFRS Taxonomy update for IFRS 16 'Leases'

21 Jan 2016

The IFRS Foundation has published a proposed IFRS Taxonomy update 'IFRS Taxonomy 2015 — IFRS 16 'Leases''.

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Heads Up — The new revenue standard — Adoption and transition observations

14 Jan 2016

This Heads Up discusses certain considerations related to implementing the FASB’s and IASB’s new revenue standard, "Revenue From Contracts With Customers." The discussion centers on the results of a Deloitte-sponsored survey in which respondents were asked various questions pertaining to their readiness to adopt the standard’s provisions.

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