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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


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

Focus:



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

 

Useful references issued by other organisations
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

BDO

file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

CFA Institute

file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

Deloitte

file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

EY

file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

KPMG

file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

PCAOB

file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

PwC

file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

Zhonghui

 

Aplus articles
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif  

August 2014: Issuance of a comprehensive standard for revenue recognition

file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif October 2014: A closer look at the new revenue recognition standard
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

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.gif April 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.gif June 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.gif August 2016: How the new standard affects revenue of real estate developers if significant financing component exists?
901BTRIBe
November 2017: Judgments and estimates in revenue recognition
901BTRIBe
June 2019: Applying the new revenue recognition requirements in the insurance intermediary industry
901BTRIBe August 2019: Revenue recognition consideration in the engineering and construction industries 
   
Last updated: September 2019

 

Frequently used resources

 
 



Technical enquiries

  Click here to submit questions on standards issued by the Institute.
   
 
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