Clarifications to IFRS 15 - IASB

Date recorded:

At its joint meeting with the FASB on March 17-19, 2015, the IASB discussed issues emerging from recent meetings of the TRG. The discussions covered the following implementation issues:

  1. practical expedients upon transition relating to contract modifications and completed contracts;
  2. sales tax presentation: gross versus net;
  3. non-cash consideration;
  4. collectability considerations; and
  5. principal versus agent considerations.

The IASB and FASB reached different tentative conclusions on certain of these issues. The IASB decided to incorporate its tentative decisions with respect to contract modifications and completed contracts into an ED of proposed clarifications to IFRS 15.

Read the IASB Update on the IASB's Web site.

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