IASB publishes request for information on the post-implementation review of IFRS 15
Jun 29, 2023
On June 29, 2023, the International Accounting Standards Board (IASB) has issued a request for information (RFI) seeking comments from stakeholders to identify whether the requirements in IFRS 15 Revenue from Contracts with Customers provide information that is useful to users of financial statements; whether there are requirements that are difficult to implement and may prevent the consistent implementation of the standard; and whether unexpected costs have arisen in connection with applying or enforcing the standard.
IFRS 15 specifies how and when an IFRS reporter will recognize revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles based five-step model to be applied to all contracts with customers.
In the post-implementation review of the standard the IASB wants to assess:
- whether there are fundamental questions (fatal flaws) about the clarity and suitability of the core objectives or principles in the new requirements;
- whether the benefits to users of financial statements of the information arising from applying the new requirements are significantly lower than expected; and
- whether the costs of applying the new requirements and auditing and enforcing their application are significantly greater than expected.
Comments on the RFI are requested by October 27, 2023.
Review the press release and the Request for Information on the IFRS Foundation website.
