30 June 2023To:
Members of the Hong Kong Institute of CPAsAll other interested partiesINVITATION TO COMMENT ON IASB REQUEST FOR INFORMATIONPost-implementation Review ofIFRS 15 Revenue from Contracts with CustomersComments to be received by 18 September 2023The Financial Reporting Standards Committee (FRSC) of the Hong Kong Institute of CertifiedPublic Accountants (Institute) is seeking comments on the IASB Request for Information (RFI)
Post-implementation Review (PIR) of IFRS 15 Revenue from Contracts with Customers. TheRFI is available on the Institute's website:
https://www.hkicpa.org.hk/en/Standards-setting/Standards/Open-for-comment-documents/fredThe International Accounting Standards Board (IASB) is undertaking a PIR of IFRS 15. A PIRis part of the IASB’s due process, and helps the IASB assess the effects of a new Standardafter it has been effective for some time.IFRS 15 introduced a comprehensive and robust framework for the recognition, measurementand disclosure of revenue that applies to a wide range of transactions and industries. TheStandard sets out a single coherent approach to recognizing and measuring revenue thatprovides useful information to investors about the nature, amount, timing and uncertainty ofrevenue and cash flows arising from a company’s contracts with customers. The Standard wasdeveloped jointly with the US Financial Accounting Standards Board and has been effective forannual periods beginning on or after 1 January 2018.The RFI seeks feedback on whether IFRS 15 is achieving its objective, around theunderstandability of the Standard and on the costs and benefits of applying it. A PIR does notautomatically lead to standard-setting, nor is it intended to lead to the resolution of everyapplication question. However, the IASB will use the feedback on the RFI to determine whetherany further action is required.The FRSC invites your comments on the RFI by 18 September 2023 to allow your commentsto be considered in developing its response to the IASB. Comments should be supported byspecific reasoning and should be submitted in written form.Comments may be sent by mail, fax or e-mail to:
Standard Setting DepartmentHong Kong Institute of Certified Public Accountants37th Floor, Wu Chung House213 Queen’s Road EastWanchai, Hong KongFax number (+852) 2865 6603E-mail: commentletters@hkicpa.org.hkComments will be acknowledged and may be made available for public review unless otherwiserequested by the respondent.
Invitation to Comment on IASB Request for Information: Post-Implementation Review of IFRS 15 Revenue from Contracts with Customers
下载原件30 June 2023To:
Members of the Hong Kong Institute of CPAsAll other interested partiesINVITATION TO COMMENT ON IASB REQUEST FOR INFORMATIONPost-implementation Review ofIFRS 15 Revenue from Contracts with CustomersComments to be received by 18 September 2023The Financial Reporting Standards Committee (FRSC) of the Hong Kong Institute of CertifiedPublic Accountants (Institute) is seeking comments on the IASB Request for Information (RFI)
Post-implementation Review (PIR) of IFRS 15 Revenue from Contracts with Customers. TheRFI is available on the Institute's website:
https://www.hkicpa.org.hk/en/Standards-setting/Standards/Open-for-comment-documents/fredThe International Accounting Standards Board (IASB) is undertaking a PIR of IFRS 15. A PIRis part of the IASB’s due process, and helps the IASB assess the effects of a new Standardafter it has been effective for some time.IFRS 15 introduced a comprehensive and robust framework for the recognition, measurementand disclosure of revenue that applies to a wide range of transactions and industries. TheStandard sets out a single coherent approach to recognizing and measuring revenue thatprovides useful information to investors about the nature, amount, timing and uncertainty ofrevenue and cash flows arising from a company’s contracts with customers. The Standard wasdeveloped jointly with the US Financial Accounting Standards Board and has been effective forannual periods beginning on or after 1 January 2018.The RFI seeks feedback on whether IFRS 15 is achieving its objective, around theunderstandability of the Standard and on the costs and benefits of applying it. A PIR does notautomatically lead to standard-setting, nor is it intended to lead to the resolution of everyapplication question. However, the IASB will use the feedback on the RFI to determine whetherany further action is required.The FRSC invites your comments on the RFI by 18 September 2023 to allow your commentsto be considered in developing its response to the IASB. Comments should be supported byspecific reasoning and should be submitted in written form.Comments may be sent by mail, fax or e-mail to:
Standard Setting DepartmentHong Kong Institute of Certified Public Accountants37th Floor, Wu Chung House213 Queen’s Road EastWanchai, Hong KongFax number (+852) 2865 6603E-mail: commentletters@hkicpa.org.hkComments will be acknowledged and may be made available for public review unless otherwiserequested by the respondent.