In May 2014, the IASB issued a new revenue standard, IFRS 15, Revenue from contracts with customers. The standard is the result of a joint project between the IASB and FASB and is converged with FASB ASC Topic 606. It replaces existing IFRS and US GAAP guidance and introduces a single new revenue recognition model for contracts with customers. IFRS 15 is effective for annual periods beginning on or after 1 January 2017, with early adoption permitted. In July 2014 the HKICPA issued HKFRS 15, which is a word-for-word copy of IFRS 15, with the same effective date and transitional provisions.
In light of the wide spread applicability of the new standard, KPMG International and KPMG US have already released numerous materials on this topic. This page is designed to pull together all the materials already available to you by providing direct access to key publications and by including quick-links to other KPMG webpages, where you may find additional useful resources on the new revenue standard (including webcast and podcast series).
To introduce the new revenue standard, KPMG issued Financial Reporting Update Issue 76 – HKICPA issues HKFRS 15 Revenue from contracts with customers in July 2014. This newsletter provides guidance on what HKFRS 15 applies to, which entities will be most affected by HKFRS 15 and the effective date of the new standard. It also includes links to KPMG’s key publications on this topic and provides a direct link to the standard.
First Impressions - Issue 2014/06 (Chinese version) (PDF 4.69MB)
Other KPMG webpages
For more guidance and materials (including to access the webcasts and podcasts available on this topic) please visit the following pages: