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The IASB issued 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.
The HKICPA issued HKFRS 15, which is a word-for-word copy of IFRS 15, with the same effective date and transitional provisions.
In September 2015, the IASB and HKICPA issued an amendment to the new standard to defer the effective date by one year to 1 January 2018, with early adoption permitted. On 30 July 2015, the IASB published proposed clarifications to and transition reliefs for IFRS 15. The IASB‘s comment period for these proposals expired on 28 October 2015.
Our new and forthcoming materials will help you understand the new requirements and assess the impact on your company.
Guide to annual financial statements - IFRS 15 supplement
Transition to the new revenue standard
(English / Chinese)
First Impressions - Revenue from contracts with customers
In the Headlines: Revenue - a new standard (2014/09)
Impacts on the construction industry of the new revenue standard
Other KPMG webpages
For more guidance and materials (including to access the webcasts and podcasts available on this topic) please visit the following pages:
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