IFRS® Standards

Revenue Recognition

Summary

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to develop a new standard on revenue recognition.

Staff Contact(s)

Nancy Estey, CPA, CA

Principal, Accounting Standards Board

Meeting & event summaries


June 17, 2014

AcSB Decision Summary – June 17, 2014

The AcSB noted that IFRS 15 Revenue from Contracts with Customers had been issued by the IASB in May 2014, and that the process of French translation and approval by the AcSB in accordance with its due process had begun.  New IFRSs become part of Canadian GAAP only once they have been incorporated into Part I of the CPA Canada Handbook – Accounting.

February 15, 2012

AcSB Decision Summary – February 15, 2012

The AcSB continued to discuss its comment letter to the IASB.

January 11, 2012

AcSB Decision Summary – January 11, 2012

The AcSB commenced discussion of a comment letter to the IASB.

October 13, 2010

AcSB Decision Summary – October 13, 2010

The AcSB reviewed a draft of its response letter to the IASB’s Exposure Draft, “Revenue from Contracts with Customers.”

May 5, 2010

AcSB Decision Summary – May 5, 2010

The AcSB discussed exposure drafts the IASB expects to issue in the next few months including one on revenue recognition.
The AcSB decided that:

  • it should issue an exposure draft reflecting the IASB’s proposals, following their release; and
  • the staff should develop a response to the IASB’s exposure draft, after meeting with relevant committees of the AcSB, consulting with expert individuals or groups and, when appropriate, holding public roundtables to learn the views of stakeholders.

News


June 9, 2017

News

Non-authoritative Material – Revenue from Contracts with Customers

June 9, 2017. The Basis for Conclusions and Illustrative Examples issued by the IASB that accompany, but are not part of, IFRS 15 have been added to Part I of the CPA Canada Handbook – Accounting (in both cases excluding amendments made subsequently by the IASB for Clarifications to IFRS 15 Revenue from Contracts with Customers). The AcSB is taking a phased approach to adding non-authoritative material issued by the IASB to the Handbook.

October 28, 2016

News

Video of Panel Discussion – IFRS 15

October 28, 2016. Watch the video and download the slides from this panel discussion hosted by the AcSB and chaired by IASB member, Gary Kabureck. Hear standard-setter, preparer, auditor and securities-regulator insights into the implementation of IFRS 15 Revenue from Contracts with Customers.

September 23, 2016

News

Panel Discussion – IFRS 15

September 23, 2016. On October 14, 2016, in Toronto, the AcSB will host a panel discussion on implementing IFRS 15 Revenue from Contracts with Customers. Hear about the key application issues and challenges, and tips to manage your implementation of this important new standard. Seats are limited. Register today!

January 7, 2016

News

FYI Article ­ IFRS 15: The New Revenue Standard – An Extra Year to Get Ready!

January 7, 2016. Spring into action now! Read why you should get started implementing the new revenue standard given the extent of time needed for this significant undertaking.

April 2, 2015

News

FYI Article – IFRS 15: The New Revenue Standard – Are You Ready?

April 2, 2015. This article discusses the IASB’s new standard on accounting for revenue and the more significant changes from current requirements. It also identifies a number of considerations for planning to implement the standard.

February 5, 2015

News

Final Standard – Revenue Recognition

February 5, 2015. IFRS 15 Revenue from Contracts with Customers has been incorporated into Part I of the CPA Canada Handbook – Accounting. The standard is effective for annual periods beginning on or after January 1, 2017 with earlier application permitted.

June 5, 2014

News

Canadian Member Appointed – Joint Transition Resource Group for Revenue Recognition

June 5, 2014. Karyn Brooks, Retired Senior Vice President and Controller of Bell Canada has been appointed as a Group member. This new IASB and FASB Group will focus on potential implementation issues associated with their converged standard on revenue recognition.  Any stakeholder can submit a potential implementation issue for discussion at the Group meetings.

June 5, 2014

News

Final Standard – Revenue from Contracts with Customers

June 5, 2014.  The IASB and the FASB have jointly issued a converged standard to improve the requirements for revenue recognition.  IFRS 15 is effective for annual periods beginning on or after January 1, 2017, with earlier application permitted. (The FASB standard does not permit early application.)

March 27, 2012

News

AcSB Response – Revenue from Contracts with Customers

On March 27, 2012 the AcSB submitted a comment letter responding to the IASB's Exposure Draft issued in November 2011. The letter supports the proposed new standard. However, it suggests changes to emphasize that revenue should be recognized when an entity receives a right to payment for goods or services transferred to a customer. The letter expresses concern that the proposed disclosure requirements and, in particular, the proposed interim disclosures, will be excessive. It also expresses disagreement with the proposed requirements for onerous contracts, constraint on recognizing variable consideration and presentation of credit losses. Read the AcSB letter posted on the FASB’s website.

February 1, 2012

News

Exposure Draft – Revenue from Contracts with Customers

February 1, 2012. The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Comments, on the form provided, are requested by March 13, 2012.

November 17, 2011

News

Exposure Draft – Revenue from Contracts with Customers

November 17, 2011. The IASB and the FASB have issued a revised Exposure Draft that is based on the same underlying principles as the original draft; however, the Boards have simplified and clarified several aspects of the Exposure Draft in response to feedback received. The comment deadline is March 13, 2012.

October 22, 2010

News

AcSB Response – Revenue from Contracts with Customers

On October 22, 2010, the AcSB submitted a comment letter responding to the Exposure Draft issued jointly by the IASB and FASB. The letter commends the Boards on their efforts to produce a common, single standard for revenue recognition. However, the letter expresses concern about the main principle and proposes that revenue should be recognized when the entity has an unconditional right to consideration for the provision of goods or services in accordance with a contract with a customer. Read the AcSB letterposted by the IASB.

August 5, 2010

News

Exposure Draft – Revenue from Contracts with Customers

August 5, 2010. The AcSB has issued an Exposure Draft that corresponds to the IASB’s ED on this topic. Comments, on the form provided, are requested by October 22, 2010.

July 6, 2010

News

Exposure Draft – Revenue from Contracts with Customers

July 6, 2010. The IASB has issued an Exposure Draft proposing a single revenue recognition standard that would be applied across various industries and capital markets. The comment deadline is October 22, 2010.

June 19, 2009

News

AcSB Response – Revenue Recognition

June 19, 2009. The AcSB has submitted a comment letter responding to the IASB’s Discussion Paper.

December 23, 2008

News

Discussion Paper – Revenue Recognition

December 23, 2008. The IASB has issued a Discussion Paper, “Preliminary Views on Revenue Recognition in Contracts with Customers.” The comment deadline is June 19, 2009.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.