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Effective Date of IFRS 15 - One-year deferral [Completed]

Effective date:

The effective date of IFRS 15 has been deferred by one year to January 1, 2018.

Last updated:

September 2015

Overview

Revenue from Contracts with Customers, the generally converged new revenue standard, jointly issued by the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) in May 2014 originally stipulated a mandatory effective date (under IFRS 15 specifically) of January 1, 2017, with early application permitted.

Subsequent to issuance, the IASB proposed a one-year deferral of this mandatory effective date as it had tentatively decided to propose some targeted amendments to IFRS 15 that some entities may wish to apply at the same time as they first apply IFRS 15. The IASB also acknowledged that IFRS 15 was issued later than had been intended, so implementation time was shorter than anticipated.  The FASB proposed a one-year deferral to the US GAAP equivalent standard.

Both Boards have now confirmed a one-year deferral of the effective date. Entities applying IFRS 15 continue to have the option to apply the Standard earlier if they wish to do so.

Other developments

September 2015

On September 11, 2015, the IASB published Effective Date of IFRS 15 deferring the effective date of IFRS 15 to January 1, 2018. Earlier application of IFRS 15 continues to be permitted.

August 2015

On August 12, 2015, the FASB issued an ASU, Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date, which defers for one year the effective date of the new revenue standard for public and nonpublic entities reporting under U.S. GAAP.

July 2015

On July 22, 2015, the IASB unanimously affirmed its proposal to defer the effective date of IFRS 15 Revenue From Contracts With Customers to January 1, 2018. Earlier application of IFRS 15 continues to be permitted.

Earlier this month, the FASB also affirmed its proposal to defer for one year the effective date of its new revenue standard ASU 2014-09 Revenue From Contracts With Customers.

May 2015

On May 28, 2015, the AcSB issued an ED that corresponds to the IASB’s ED on this topic.

On May 19, 2015, the IASB published for consultation an ED to defer the effective date of IFRS 15, Revenue from Contracts with Customers, by one year to January 1, 2018.  

On April 29, 2015, the FASB issued for public comment a proposed Accounting Standards Update that would defer the effective date of its new revenue recognition standard by one year. Stakeholders are encouraged to review and provide comment on the proposal by May 29, 2015.

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