Revenue from Contracts with Customers - IDG

Date recorded:

At its meeting on May 14, 2015, the AcSB’s IFRS Discussion Group (IDG) discussed the transition methods of IFRS 15. Group members observed that the IASB/FASB Joint Transition Resource Group for Revenue Recognition has discussed several practical application challenges associated with this new revenue standard. These issues are being brought forward and deliberated by the IASB and FASB. As a result, it is expected that proposed amendments will be issued in the near future. One amendment could be including a transition practical expedient that would permit the application of hindsight in accounting for contract modifications. At this point, no further action is recommended to the AcSB but the Group will continue to monitor for future application issues.

Review the IFRS Discussion Group on the AcSB's Web site.

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