IFRS 15 summary and timeline
A summary of IFRS 15 Revenue from Contracts with Customers, including information on current proposals and a timeline of past amendments, announcements, exposure drafts and consultations.
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IFRS 15 replaces both IAS 11 and IAS 18 as well as SIC 31, IFRIC 13, IFRIC 15 and IFRIC 18 and establishes a single, comprehensive framework for revenue recognition.
Its core principle is that revenue is recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services.
A five-step approach to revenue recognition is required:
- Identify the contract(s) with a customer.
- Identify the performance obligations in the contract.
- Determine the transaction price.
- Allocate the transaction price to the performance obligations in the contract.
- Recognise revenue when (or as) performance obligations are satisfied.
IFRS 15 also includes requirements for accounting for costs related to a contract with a customer. These are recognised as an asset if certain criteria are met.
The standard requires qualitative and quantitative disclosures in respect of revenue, contract balances, performance obligations, significant judgements and assets recognised from costs to obtain or fulfill a contract.
|12 April 2016||
IASB issues Clarifications to IFRS 15
Effective for annual periods starting on or after 1 January 2018.
|11 September 2015||
IASB issues Effective Date of IFRS 15 (amendments to IFRS 15)
New effective date is 1 January 2018.
|30 July 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.
|19 May 2015||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.
|28 May 2014||IASB issues IFRS 15 Revenue from Contracts with Customers
Effective for annual periods starting on or after 1 January 2017.