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IFRS 15: Revenue from Contracts with CustomersObjective (paras. 1-4)Scope (paras. 5-8)Recognition (paras. 9-45)Measurement (paras. 46-90)Contract costs (paras. 91-104)Presentation (paras. 105-109)Disclosure (paras. 110-129)Appendix A Defined termsAppendix B Application GuidanceAppendix C Effective date and transitionAppendix D Amendments to other StandardsApproval by the Board of IFRS 15 Revenue from Contracts with Customers issued in May 2014Approval by the Board of Effective Date of IFRS 15 issued in September 2015Approval by the Board of Clarifications to IFRS 15 Revenue from Contracts with Customers issued in April 2016IFRS 15: Basis for ConclusionsIntroduction (paras. BC1-BC1A)Overview (paras. BC2-BC3)Background (paras. BC4-BC27H)BC4-BC13Why make the change? (paras. BC14-BC15)Alternative revenue recognition models (paras. BC16-BC27)Clarifications to IFRS 15 (amendments issued in April 2016) (paras. BC27A-BC27H)Scope (paras. BC28-BC66)BC28-BC30Definition of a contract (Appendix A) (paras. BC31-BC46H)Accounting for contracts that do not meet the criteria in paragraph 9 (paras. BC47-BC49)Wholly unperformed contracts (paras. BC50-BC51)Definition of a customer (paragraph 6 and Appendix A) (paras. BC52-BC57)Exchanges of products to facilitate a sale to another party (paragraph 5(d)) (paras. BC58-BC59)Contracts with customers outside the scope of the requirements (paragraph 5) (paras. BC60-BC63)Contracts partially within the scope of other Standards (paragraph 7) (paras. BC64-BC66)Identifying the contract (paragraphs 9-16) (paras. BC67-BC83)BC67-BC68Applying IFRS 15 at a portfolio level (paras. BC69-BC70)Combination of contracts (paragraph 17) (paras. BC71-BC75)Contract modifications (paragraphs 18-21) (paras. BC76-BC83)Identifying performance obligations (paras. BC84-BC116U)Definition of a performance obligation (Appendix A) (paras. BC84-BC86)Identifying the promised goods or services (paragraphs 24-25) (paras. BC87-BC93)Identifying when promises represent performance obligations (paragraphs 22-30) (paras. BC94-BC112)A series of distinct goods or services that are substantially the same and have the same pattern of transfer (paragraph 22(b)) (paras. BC113-BC116)Clarifications to IFRS 15 (amendments issued in April 2016) (paras. BC116A-BC116U)Satisfaction of performance obligations (paragraphs 31-45) (paras. BC117-BC180)BC117Control (paras. BC118-BC123)Performance obligations satisfied over time (paragraphs 35-37) (paras. BC124-BC152)Performance obligations satisfied at a point in time (paragraph 38) (paras. BC153-BC157)Measuring progress towards complete satisfaction of a performance obligation (paragraphs 39-45 and B14-B19) (paras. BC158-BC180)Measurement of revenue (paragraphs 46-90) (paras. BC181-BC265)BC181-BC183Determining the transaction price (paragraphs 47-72) (paras. BC184-BC188D)Variable consideration (paragraphs 50-59) (paras. BC189-BC228)The existence of a significant financing component in the contract (paragraphs 60-65) (paras. BC229-BC247)Non-cash consideration (paragraphs 66-69) (paras. BC248-BC254H)Consideration payable to a customer (paragraphs 70-72) (paras. BC255-BC258)Customer credit risk (paras. BC259-BC265)Allocating the transaction price to performance obligations (paragraphs 73-86) (paras. BC266-BC293)BC266-BC267Estimating stand-alone selling prices (paragraphs 76-80) (paras. BC268-BC276)Allocating discounts and variable consideration (paragraphs 81-86) (paras. BC277-BC285)Changes in transaction price (para. BC286)Contingent revenue cap and the portfolio approach to allocation (paras. BC287-BC293)Onerous performance obligations (paras. BC294-BC296)Contract costs (paragraphs 91-104) (paras. BC297-BC316)Incremental costs of obtaining a contract (paragraphs 91-94) (paras. BC297-BC303)Costs to fulfil a contract (paragraphs 95-98) (paras. BC304-BC308)Amortisation and impairment (paragraphs 99-104) (paras. BC309-BC311)Learning curve (paras. BC312-BC316)Presentation (paragraphs 105-109) (paras. BC317-BC326)BC317-BC321Relationship between contract assets and receivables (paras. BC322-BC326)Disclosure (paragraphs 110-129) (paras. BC327-BC361)BC327-BC329Disclosure objective and materiality (paragraphs 110-112) (paras. BC330-BC331)Contracts with customers (paras. BC332-BC353)Performance obligations (paragraph 119) (para. BC354)Significant judgements (paragraphs 123-126) (para. BC355)Assets recognised from the costs to obtain or fulfil a contract with a customer (paragraphs 127-128) (paras. BC356-BC357)Disclosures required for interim financial reports (paras. BC358-BC361)Application guidance (paragraphs B2-B89) (paras. BC362-BC433)BC362Sale with a right of return (paragraphs B20-B27) (paras. BC363-BC367)Warranties (paragraphs B28-B33) (para. BC368-BC378)Principal versus agent considerations (paragraphs B34-B38) (paras. BC379-BC385Z)Customer options for additional goods or services (paragraphs B39-B43) (paras. BC386-395)Customers' unexercised rights (breakage) (paragraphs B44-B47) (paras. BC396-BC401)Licensing (paragraphs B52-B63B) (paras. BC402-BC421J)Repurchase agreements (paragraphs B64-B76) (paras. BC422-BC433)Transition, effective date and early application (paragraphs C1-C9) (paras. BC434-BC453)Transition (paragraphs C2-C8A) (paras. BC434-BC445U)Effective date and early application (paragraphs C1-C1B) (paras. BC446-BC453J)Analysis of the effects of IFRS 15 (paras. BC454-493)BC454-BC455Overview (paras. BC456-BC459)Reporting revenue from contracts with customers in the financial statements (paras. BC460-BC480)Improved comparability of financial information and better economic decision-making (paras. BC481-BC485)Compliance costs for preparers (paras. BC486-BC488)Costs of analysis for users of financial statements (paras. BC489-BC490)Conclusion (paras. BC491-BC493)Consequential amendments (paras. BC494-BC503)Sales of assets that are not an output of an entity's ordinary activities (paras. BC494-BC503)Transition for first-time adopters of IFRS (paras. BC504-BC509)Summary of main changes from the 2011 Exposure Draft (para. BC510)Dissenting Opinion (paras. DO1-DO5)Appendix A - Comparison of IFRS 15 and Topic 606Appendix B - Amendments to the Basis for Conclusions on other StandardsIFRS 15: Illustrative Examples
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Version date: 10 February 2017 - onwards

Approval by the Board of Clarifications to IFRS 15 Revenue from Contracts with Customers issued in April 2016

Clarifications to IFRS 15 Revenue from Contracts with Customers was approved for issue by thirteen of the fourteen members of the International Accounting Standards Board. Mr Ochi dissented. His dissenting opinion is set out after the Basis for Conclusions.

Hans Hoogervorst                                Chairman

Ian Mackintosh                                     Vice-Chairman

Stephen Cooper

Philippe Danjou

Martin Edelmann

Patrick Finnegan

Amaro Gomes

Gary Kabureck

Suzanne Lloyd

Takatsugu Ochi

Darrel Scott

Chungwoo Suh

Mary Tokar

Wei-Guo Zhang

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