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IASB Update – May 2015 - Clarifications to IFRS 15

  • IFRS - IASB Image
  • IFRS - Meeting Image

May 27, 2015

On May 27, 2015, the International Accounting Standards Board released a summary of its meeting held on May 18-20, 2015, the IASB met at its offices in London, UK.

On May 19, 2015, the IASB met to discuss issues relating to the guidance on principal versus agent considerations in IFRS 15, Revenue from Contracts with Customers. The following issues emerged from meetings of the Transition Resource Group for Revenue Recognition (TRG):

  1. Control of a service in the context of the principal versus agent assessment
  2. Identifying the specified good or service to be provided to the customer
  3. The indicators in paragraph B37

Review the IASB Update.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.