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IFRS 15 – Disclosures and presentation in annual financial statements


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Finanstilsynet’s report describes the observations made in the thematic review of IFRS 15 disclosures and presentation in annual financial statements. Finanstilsynet notes that there is significant room for improvement for a majority of the entities in the review. Finanstilsynet reviewed the annual financial statements of 20 listed entities in Norway.

The aim of the review has been to observe whether the entities’ disclosures and presentation in the 2018 financial statements are in accordance with the requirements in IFRS 15.

Finanstilsynet focused on the following areas:

  • Accounting policy disclosures and significant judgements (including disclosures on identifying performance obligations, determining the transaction price, allocating the transaction price and satisfaction of performance obligations);
  • Presentation of contract assets and -liabilities and related disclosures;
  • Disaggregation of revenue; and
  • Transaction price allocated to the remaining performance obligations.

Based on the observations and the general quality and extent of disclosures, Finanstilsynet questions whether the entities have sufficiently considered whether they are fulfilling the overall disclosure objective in IFRS 15.

Finanstilsynet will follow up IFRS 15 disclosure and presentation requirements in its control of 2019 financial statements. If necessary, Finanstilsynet will start specific entity examinations.

[Note: This report was first published in Norwegian on 18 December 2019.]

Regulator Information

Abbreviation: FSA
Jurisdiction: Norway

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