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IFRS 15: Revenue from contracts with customers

The accounting standard IFRS 15 sets out the requirements for recognising revenue that apply to contracts with customers, except for those covered by standards on leases, insurance contracts and financial instruments. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments.

IFRS 15 will supersede IAS 11 Construction contracts and IAS 18 Revenue for periods beginning on or after 1 January 2018.

For updates on EU endorsement see EFRAG's Endorsement Status Report.

What's on this page?

  • Full-text standard
  • Summaries
  • Guidance and support from ICAEW
  • Example accounts
  • eBooks
  • Guides
  • Online articles
  • Articles and books from the Library

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Full-text standard

The IFRS Foundation and International Accounting Standards Board (IASB) provides free access to the consolidated unaccompanied international accounting standards for the current year through its website; you will need to register to gain access.

These standards are the unaccompanied versions and do not include any additional content that accompanies the full IAS and IFRS such as illustrative examples, implementation guidance and bases for conclusions.

Summaries

Revenue recognition
Project summary from the IASB, with links to related documents.

IFRS 15 – Revenue from contracts with customers
Timeline and summary from Deloitte IAS Plus, with information on related interpretations and amendments under consideration.

Revenue from contracts with customers
Topic summary provided by PwC, giving latest developments and overview, a summary of the standard and links to relevant resources.

ICAEW guidance and support

Financial Reporting Faculty
The faculty offers assistance and support in IFRS, UK GAAP and other aspects of business reporting. It offers technical briefings and factsheets, IFRS and UK GAAP standards-trackers, plus practical advice from industry experts and working accountants.

Example accounts

Adoption of IFRS 9 and IFRS 15 for Interim Financial Statements
Set of illustrative financial statements and notes on the impact of IFRS 9 and IFRS 15 with a summary of new disclosures. Produced by IFRS System, the software company, in August 2018.

IFRS checklists and model financial statements
Online disclosure checklists, general IFRS illustrative statements and compliance questionnaires compiled by the ICAEW Library.

Best practice

Company Reporting
The ICAEW Library can provide extracts of reports to illustrate real-life best practice from CCH's Company Reporting tool. Extracts are searchable by industry sector, subject, company, auditor, listing status and year end date. The product also offers reports with summaries and commentary (with examples) on common practices and emerging issues, as well as an ongoing monitor of changing practices.

  • Impending Changes: Disclosure of IFRS 15 Impacts
  • IFRS 15 'Revenue from contracts with customers' CR Monitor

Contact us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com to get any documents from Company Reporting.

ICAEW and Financial Reporting Faculty members can also buy a personal discounted subscription to this product.

eBooks

The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Revenue recognition: Understanding and implementing the new standard
Joanne M.Flood (2017)
Provides an overview of the new revenue recognition standard and step-by-step instructions for finance professionals navigating through the new model, with numerous examples along the way.

IFRS 2018: Interpretation and application of IFRS standards
PKF (2018)
This Wiley guide has been fully updated to help practitioners apply and comply with the latest international financial reporting standards. The chapter on revenue from contracts with customers covers:

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

IASB news

The International Accounting Standards Board has issued amendments to the Revenue Standard
Press release issued on 12 April 2016 by the IASB announcing amendments clarifying requirements of IFRS 15 and additional transitional reliefs.

IASB confirms deferral of Effective Date by issuing formal amendment to the revenue Standard
Press release issued by the IASB on 11 September 2015.

IASB proposes clarifications to revenue Standard
Press release issued by the IASB on 30 July 2015 announcing a consultation on proposed clarifications to and transition reliefs for IFRS 15.

IASB confirms one-year deferral of effective date of revenue Standard
Press release issued by the IASB on 22 July 2915 confirming that the effective date of IFRS 15 has been moved to 1 January 2018.

IASB calls for feedback on proposal to defer the effective date of the revenue Standard
Press release issued by the IASB on 19 May 2015 announcing proposals to delay the effective date of IFRS 15 to 1 January 2018.

IASB and FASB issue converged Standard on revenue recognition
Project update issued by the IASB on 28 May 2014 announcing the new standard.

Guides and publications

Some guides and comparisons that we link to may pre-date the latest amendments to this standard. While these resources contain useful information, please treat them with appropriate caution.

Disclosures required in interim financial statements on the initial adoption of IFRS 15
PwC, July 2018
Bulletin highlighting who may be impacted and suggested disclosures.

IFRS: Revenue recognition
Collection of publications from EY looking at IFRS 15, including industry-specific guides. Sectors covered include insurance, asset management, telecommunications, life sciences, mining, utilities, oil and gas.

Presentation and disclosure requirements of IFRS 15
Detailed guide from EY, updated in July 2018. The guide looks at changes to the current IFRS, presentation within primary financial statements, disclosure within the notes to the financial statements, disclosures in interim financial statements, transition disclosures. It also includes a disclosure checklist.

A closer look at the new revenue recognition standard
Detailed guide updated by EY in October 2017 presenting key issues, disclosure checklists and illustrative examples.

Accounting and financial reporting guide for revenue from contracts with customers (2016 edition)
In-depth guide produced by PwC looking at the implications of the new revenue recognition standard and its impact, with examples and commentary on a wide variety of topics. Updated in September 2016.

Revenue from contracts with customers
Guides from PwC discussing the new revenue recognition model. Supplements cover the impact of IFRS 15 on different industry sectors, including construction, pharmaceuticals, energy, entertainment and media, communications and manufacturing.

IASB and FASB issue new revenue recognition standard — IFRS 15
Overview produced by EY in May 2014 describing the five-step model for applying IFRS 15.

IASB issues new standard on revenue recognition
IFRS In Focus bulletin from Deloitte giving an overview of the new revenue model, disclosure and presentation and additional guidance on how the new standard differs from IAS 18. Published May 2014.

Online articles

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Articles are available to logged-in ICAEW members, ACA students and other entitled users.

Articles and books in the Library collection

To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.

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