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IASB defers effective date of IFRS 15

  • IFRS - IASB Image

Sep 11, 2015

On September 11, 2015, the International Accounting Standards Board (IASB) published "Effective Date of IFRS 15" deferring the effective date of IFRS 15 "Revenue from Contracts with Customers" to January 1, 2018. Earlier application of IFRS 15 continues to be permitted.

The main reason for the amendment is that the IASB is currently consulting on some proposed clarifications to the Standard. The amendments issued today change the mandatory effective date of IFRS 15 from annual periods beginning on or after January 1, 2017 to annual periods beginning on or after January 1, 2018. Earlier application of IFRS 15 continues to be permitted. Entities also continue to be permitted to choose between applying the standard either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application.

Review additional information on the IASB's Web Site:

Correction list for hyphenation

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