European Financial Reporting Advisory Group

ED Revenue from Contracts with Customers (re-exposure)

Description :

The IASB and FASB (the boards) are jointly developing a fully-converged revenue standard that would be applied to revenue-generating activities in contracts with customers only.

On 24 June 2010, the boards published its first exposure draft Revenue from Contracts with Customers for public comment. EFRAG's draft comment letter, comment letter and the results of EFRAG's outreach activities on this first exposure draft are available at the following project sites:

ED Revenue from Contracts with Customers
European Outreach on the IASB's main projects

In November 2011 the IASB published a revision of the 2010 exposure draft. This revised exposure draft is referred to as 'the ED' in the following.

The ED proposes a single revenue recognition model in which an entity recognises revenue as it satisfies a performance obligation by transferring control over a promised good or service to a customer. The ED proposes that a single revenue recognition model be applied consistently to various transactions in different industries .

The ED proposes that a new standard on accounting for revenue arising from contracts with customers would replace IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers and SIC–31 Revenue-Barter Transactions Involving Advertising Services.

Click here to access the IASB project page.

Documents :

Responsible :

Rasmus Sommer

Working groups :

EFRAG Technical Expert Group (EFRAG TEG) -

Current Project Status :

Final Comment Letter

Input for Status :

Draft Comment Letter

Efrag Output

20/01/2012 Slide deck presentation of EFRAG's draft comment letter (*.pdf)
20/01/2012 EFRAG's draft comment letter (*.pdf)

Comment Letters

03/12/2012 CL 07b - ESMA comment letter to EFRAG (*.pdf)
03/12/2012 CL 07a - ESMA comment letter to the IASB (*.pdf)
13/04/2012 CL 21 - FEE (received after approval of comment letter) (*.pdf)
05/04/2012 CL 22 - OIC (received after approval of comment letter) (*.pdf)
22/03/2012 CL 20 - Businesseurope (*.pdf)
21/03/2012 CL 19 - CNC (*.pdf)
20/03/2012 CL 17 - SFRB (*.pdf)
20/03/2012 CL 16 - ASCG (*.pdf)
16/03/2012 CL 15 - Telefonica (*.pdf)
16/03/2012 CL 13 - Telecom Italia (*.pdf)
15/03/2012 CL 12 - Vodafone (*.pdf)
15/03/2012 CL 11 - ICAEW (*.pdf)
15/03/2012 CL 10 - ANC (*.pdf)
14/03/2012 CL 09 - Mazars (*.pdf)
13/03/2012 CL 14 - Orange (*.pdf)
13/03/2012 CL 08 - NASB (*.pdf)
13/03/2012 CL 06 - ICAC (*.pdf)
13/03/2012 CL 05 - Danish Insurance Association (*.pdf)
13/03/2012 CL 04 - DASB (*.pdf)
09/03/2012 CL 03 - FSR (*.pdf)
06/03/2012 CL 02 - Deutsche Telekom AG (*.pdf)
17/02/2012 CL 01 - UK ASB (*.pdf)

Other Input

No 'Other Input'

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