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 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

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.
New on the Horizon: Clarifications to IFRS 15
Previously, we gave an overview of the IASB’s proposed amendments in our SlideShare presentation. In this publication we give a detailed analysis on these proposals and explain what they could mean for your business.

Exposure Draft: Clarifications to IFRS 15
Following its announcement of a one-year deferral of the effective date to 2018, the IASB has now published proposed amendments to the new standard. A SlideShare presentation that gives an overview of the proposed changes is available.

2018 effective date for IFRS 15

IFRS Newsletter Revenue

Issues In-Depth, September 2014

Transition to the new revenue standard

First Impressions: Revenue from contracts with customers

In the Headlines: Revenue - a new standard (2014/09)



   Line of business
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.


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