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AOSSG warns against delaying effective dates

  • IFRS - AOSSG (Asian-Oceanian Standard-Setters Group) Image

Jul 06, 2015

On July 6, 2015, the Asian-Oceanian Standard-Setters Group (AOSSG) commented on the International Accounting Standards Board's (IASB) Exposure Draft ED/2015/2 "Effective Date of IFRS 15". The AOSSG supports deferring the effective date in this case but warns the IASB against setting "a precedent for constituents seeking amendments to the effective date of other standards, whenever the implementation is found to be challenging".

Although the AOSSG generally agrees with the need to extend the effective date in this case, it encourages the IASB to review its due process, such that the IASB minimizes the risks of delaying the effective date in future standards.

The AOSSG makes two suggestions how this could be achieved:

  • The IASB could introduce a protocol to redeliberate the effective date when the issuance of the standard is later than originally anticipated or to defer the final decision of the effective date until immediately before the issuance of the standard.
  • The IASB could set a formula for determining the implementation lead-time when it decides on the effective date.

Please click to access the comment letter on the AOSSG's Web site.

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