Date recorded:

At its meeting on June 25, 2015, the IASB confirmed its May 2015 tentative decisions relating to clarifications to the Application Guidance and Illustrative Examples in respect of principal versus agent considerations. The IASB also tentatively decided to propose further amendments with respect to that guidance. The FASB also tentatively decided to propose some amendments to clarify the principal versus agent considerations guidance in Topic 606. As a result, the IASB and the FASB have tentatively agreed to similar amendments for IFRS 15 and Topic 606, respectively.

The IASB also: a) tentatively decided to require entities to apply the proposed amendments to IFRS 15 retrospectively; b) decided that the Exposure Draft should have a comment period of 90 days; c) confirmed that all of the necessary due process steps on the project to date have been completed. The IASB expects to issue the Exposure Draft for comment in July 2015, following the balloting process.

Review the IASB Update.

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