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December 2015 IASB Update - Revenue from Contracts with Customers

  • IFRS - IASB Image

Dec 31, 2015

On December 31, 2015, the International Accounting Standards Board (IASB) issued the Update summary of its meeting on December 15-16, 2015.

At its meeting on December 15-16, 2015, the IASB continued its the discussions on the Exposure Draft. In particular, the IASB: (i) considered the feedback received to date on its ED; (ii) discussed the following topics related to the ED: (a) identifying performance obligations; (b) licensing; (c) practical expedients on transition; and (d) other topics for which the IASB decided not to propose any amendments to IFRS 15; (iii) considered an issue relating to the application of requirements in IFRS 15 to constrain estimates of variable consideration.

In addition, the IASB and the FASB (the Boards) met on December 16, 2015 to re-deliberate amendments proposed to clarify the principal versus agent guidance in IFRS 15 and Topic 606, in the light of the feedback received on their respective Exposure Drafts.

Review the IASB Update.

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