This webpage contains pronouncements, guides and articles that are relevant to HKFRS 15 Revenue from Contracts with Customers.
Financial periods beginning on or after 1 January 2018.
HKAS 18 Revenue, HKAS 11 Construction Contracts, HK(IFRIC)-Int 13 Customer Loyalty Programmes, HK(IFRIC)-Int 15 Agreements for the Construction of Real Estate, HK(IFRIC)-Int 18 Transfers of Assets from Customers and HK(SIC)-Int 31 Revenue— Barter Transactions Involving Advertising Services.
Why do we need a new standard
Information about revenue is used to assess a company’s financial performance and position and to compare that company with other companies. However, previous revenue requirements:
made it difficult for investors and analysts to understand and compare a company’s revenue as the disclosure requirements were found to be inadequate and boilerplate; and
were inconsistent and lacked guidance that deal with important and/or complex transactions, particularly because basis for conclusions were not provided with previous Standards.