China

New Revenue Standard 

New Revenue Standard

 

 

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 12 April 2016, the IASB issued the clarifications to and transition reliefs for IFRS 15, which have the same effective date of 1 January 2018.


Our new and forthcoming materials will help you understand the new requirements and assess the impact on your company.

 

   Publications
First Impressions (2016 edition) - IFRS 15 Revenue

First Impressions (2016 edition) - IFRS 15 Revenue

This First Impressions offers a digestible introduction to the clarified version of the new revenue standard and highlights the possible impacts for your business.
New revenue standard – Introducing the new IFRS 15

Web article - Introducing the new IFRS 15 (English / Chinese)

This Web Article gives a Board-level summary of the clarified version of IFRS 15 that you will be required to apply by 2018.

Guide to annual financial statements - IFRS 15 supplement

Guide to annual financial statements - IFRS 15 supplement

This publication introduces and illustrates the disclosure requirements in IFRS 15, which will be effective for annual periods beginning on or after 1 January 2018. It complements the “Guide to annual financial statements - Illustrative disclosures” publication.

2018 effective date for IFRS 15

IFRS Newsletter Revenue

Issues In-Depth, September 2014

Transition to the new revenue standard

 

 

   Line of business
Revenue for Transport Companies under IFRS

Revenue for Transport Companies under IFRS

(English / Chinese)

In this publication, we seek to highlight the potential impact of IFRS 15 that may be felt in areas such as loyalty programmes, ticket breakage, rebates, freight and shipping, and new disclosures.
Revenue for Food, Drink and Consumer Goods Companies under IFRS

Revenue for Food, Drink and Consumer Goods Companies under IFRS

(English / Chinese)

In this publication, we seek to highlight the potential impact of IFRS 15 that may be felt across different areas of arrangements with distributors and retailers – e.g. 'slotting fees', trade incentives, warranties, returns and licenses.
Revenue for Housebuilders Companies under IFRS

Revenue for Housebuilders Companies under IFRS

(English / Chinese)

In this publication, we seek to highlight the potential effects of IFRS 15 on housebuilders companies and actions to consider addressing issues such as sales of incomplete units or off-plan purchases, contract modifications and additional disclosures.
Revenue for Insurance Companies under IFRS

Revenue for Insurance Companies under IFRS

(English / Chinese)

In this publication, we seek to highlight the potential effects of IFRS 15 on insurance companies. Although IFRS 15 does not apply to insurance contracts, it may apply to other arrangements – such as asset management, insurance broking, pension administration, claims handling or custody services.
Revenue for Oil and Gas Companies under IFRS

Revenue for Oil and Gas Companies under IFRS

(English / Chinese)

In this publication, we seek to highlight the potential effects of IFRS 15 on oil and gas companies and actions to consider addressing issues such as collaborative arrangements, oil and gas lifting imbalances, and production- and sales-based royalties.
Revenue for Power and Utilities Companies under IFRS

Revenue for Power and Utilities Companies under IFRS

(English / Chinese)

In this publication, we seek to draw out key areas of potential change by considering transfers of assets from customers, taking or paying arrangements, and non-monetary exchanges.
The Bank Statement, Q3 2014 Newsletter
The Bank Statement – Q3 2014 Newsletter
This quarterly banking newsletter discusses the potential IFRS 15 impacts on the amount and timing of revenue recognition on banks.

Impacts on the construction industry of the new revenue standard

Impacts on the construction industry of the new revenue standard

(English / Chinese)

IFRS 15 introduces many new concepts for revenue and cost recognition. In this publication, we seek to draw out key areas of potential change by considering the life cycle of a typical construction contract.
Revenue for Telecommunication Companies under IFRS

Revenue for Telecommunication Companies under IFRS

(English / Chinese)

In this publication, we seek to draw out key areas of potential impact across the telecommunication sector.

     

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