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Revenue from Contracts with Customers - IASB

Date recorded:

At its meeting on January 19-20, 2016, the IASB met to consider the following in relation to the final amendments Clarifications to IFRS 15: transition requirements; effective date; and re-exposure, due process and permission to ballot.
With respect to Transition requirements, the Board confirmed its previous decisions:

  1. to require an entity to apply the clarifying amendments to IFRS 15 retrospectively; and
  2. that no special transition provisions are needed for a first-time adopter.

With respect to effective date, the Board tentatively decided:

  1. to require an entity to apply Clarifications to IFRS 15 for annual reporting periods beginning on or after January 1, 2018; and
  2. to permit an entity to apply the clarifying amendments early.

With respect to re-exposure, due process and permission to ballot, all of the Board members confirmed that they are satisfied that the Board has completed all of the necessary due process steps on the project to date and instructed the staff to commence the drafting process for the final amendments to IFRS 15. One Board member indicated an intention to dissent from issuing the final amendments to IFRS 15.
The Board expects to issue the final amendments Clarifications to IFRS 15 in March 2016

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

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