IASB to discuss effective date of IFRS 15
Apr 20, 2015
On April 20, 2015, in preparation for the International Accounting Standards Board (IASB)'s meeting next week, an agenda paper has been released to discuss the effective date of IFRS 15 and to ask the IASB whether it wishes to defer the effective date in the light of (i) issues emerging from discussions of the Revenue Transition Resource Group (TRG) and (ii) the FASB’s tentative decision regarding the effective date.
In the paper the IASB staff makes the following recommendations:
We recommend that the IASB defer the effective date of IFRS 15 by one year to January 1, 2018. An entity would continue to be permitted to apply the requirements to annual periods beginning before that date.
If the IASB agrees to propose a deferral of the effective date, we recommend publishing the proposed deferral for comment as a separate narrow-scope Exposure Draft. That Exposure Draft would include a comment period of no less than 30 days that allows for the finalization of the IASB’s discussions in this respect at the July 2015 board meeting.
Please click to access the agenda paper on the IASB website. It offers the staff's recommendations, historical background, an explanation of what the FASB has decided, and a summary of IFRS stakeholder feedback.
