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IASB says TRG not scheduled to meet again

  • IFRS - IASB Image

Jan 21, 2016

On January 21, 2016, the International Accounting Standards Board (IASB) announced that the Transition Resource Group for Revenue Recognition (TRG) is not scheduled to meet again.

The IASB has completed its decision making on the amendments to IFRS 15 this week. The clarifications are expected to be published in March 2016 and the effective date of the amendments will be January 1, 2018, which is also the effective date of IFRS 15.

Regarding the TRG the Board states:

The Board is now of the view that stakeholders need to know that they can continue their implementation process with the confidence that IFRS 15 will not be subject to further changes. Accordingly, the Board does not plan to schedule further meetings of the IFRS constituents of the TRG. However, the TRG will not be disbanded and will be available for consultation by the Board if needed. In addition, there is still scope for IFRS stakeholders to submit issues through the website.

The IASB also notes that it will continue to collaborate with the FASB and will monitor any discussions that the FASB may have in the future with the US GAAP constituents of the TRG. However, the IASB also stresses that companies reporting using IFRS standards are not required to consider pronouncements or public discussions of the FASB.

Review the press release on the IASB website.

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