HKFRS 15 Revenue from Contracts with Customers

 

 

 


Technical Resources

 

This webpage contains pronouncements, guides and articles that are relevant
to HKFRS 15 Revenue from Contracts with Customers.

 

Effective Date

Financial periods beginning on or after 1 January 2018.

 

Affected standards

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.

 

 

 

 

Click below for more information


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Additional references issued by Standard Setters and Regulators
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifUseful references issued by other organisations
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Focus:



Additional references issued by Standard Setters and Regulators
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifHKICPA Standard Setting Department
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIASB
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIASB/FASB Joint Transition Resource Group (TRG)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifUS Financial Accounting Standards Board (FASB)

 

Useful references issued by other organisations
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BDO

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CFA Institute

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Deloitte

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EY

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KPMG

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PwC

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Zhonghui

 

Aplus articles
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August 2014: Issuance of a comprehensive standard for revenue recognition

file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifOctober 2014: A closer look at the new revenue recognition standard
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August 2015: How the new standard affects revenue recognition of Hong Kong real estate sales before completion 

file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifApril 2016: Ticking time on new revenue recognition standard: Less than two years away now, but can you wait any longer?
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifJune 2016: How to account for sales incentives and selling costs incurred on real estate apartment sales contracts?
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifAugust 2016: How the new standard affects revenue of real estate developers if significant financing component exists?

 

 

 

 
 
 
Last updated: October 2017

 

Frequently used resources




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