Related Discussions

• Post-implementation Review of IFRS 15 – International Accounting Standards Board

• Jul 22, 2024

• The IASB met on July 22, 2024 to finalize its decisions in the Post-implementation Review (PIR) of IFRS 15 Revenue from Contracts with Customers and to discuss the work carried out in response to feedback from the second phase of the PIR. The IASB concluded that IFRS 15 functions as intended and decided not to include specific explanatory paragraphs from the Basis for Conclusions in the Standard. They confirmed their tentative decisions on application matters, categorizing some issues as low priority for future agenda consultations, and decided to gather further evidence on specific topics during the forthcoming PIR of IFRS 16 Leases. Additionally, the IASB determined that sufficient work has been completed to conclude the PIR of IFRS 15 and to prepare a project summary and feedback statement. All 14 IASB members agreed with these decisions. The next step involves publishing the project summary and feedback statement, pending approval from the Due Process Oversight Committee.

• Post-implementation Review of IFRS 15 Revenue from Contracts with Customers

• May 22, 2024

• The IASB met on May 22, 2024, and discussed stakeholder feedback on Question 11 of the Request for Information Post-implementation Review of IFRS 15 and an updated academic literature review. The IASB decided not to take further action on matters related to the allocation of the transaction price to performance obligations in a contract and other aspects raised by respondents to Question 11. This decision was unanimously agreed upon. The board also discussed an updated review of the academic literature on the effects of applying IFRS 15, but no decisions were made during this discussion.

• Post-implementation Review of IFRS 15 Revenue from Contracts with Customers

• Apr 24, 2024

• The IASB met on April 24, 2024, to analyze stakeholder feedback on the Request for Information Post-implementation Review of IFRS 15 Revenue from Contracts with Customers. The discussion covered its application with other IFRS Accounting Standards and considerations regarding payable consideration and significant financing components. In summary, the IASB decided to take no further action on certain matters related to applying IFRS 15 with IFRS 9 and 3. Issues related to IFRS 15's application with IFRS 10 and IFRS 11 will be considered in future agenda consultations. For IFRS 15's application with IFRS 16, further evidence will be gathered in the post-implementation review of IFRS 16. Other matters related to IFRS 15's application with other IFRS Accounting Standards were classified as low priority, or no further action was taken. The IASB also classified matters related to the consideration payable to a customer as a low priority and decided to take no further action on matters related to accounting for a significant financing component. All decisions received the majority agreement from IASB members.

• Post-implementation Review of IFRS 15 Revenue from Contracts with Customers

• Mar 20, 2024

• The IASB met on March 20, 2024, to analyze stakeholder feedback on the Request for Information Post-implementation Review of IFRS 15 Revenue from Contracts with Customers. The IASB discussed feedback on determining a transaction price, recognizing revenue, and applying disclosure requirements. For the transaction price, the board decided not to take further action on issues around variable consideration, sales-based taxes, non-cash consideration, and other aspects of determining the transaction price, which all members agreed upon. Regarding revenue recognition, the board also decided to refrain from taking further action on applying the concept of control, the criteria for recognizing revenue over time, measuring progress for performance obligations satisfied over time, and other aspects of revenue recognition. The members mostly supported this decision. The board decided against taking further action on the cost-benefit balance of some disclosure requirements, the variation in the disclosed information quality, and other disclosure requirements. The members largely agreed upon this decision.

• Post-implementation Review of IFRS 15 Revenue from Contracts with Customers

• Feb 21, 2024

• The IASB met on February 21, 2024, to analyze stakeholder feedback on the Request for Information Post-implementation Review of IFRS 15 Revenue from Contracts with Customers. The analysis examined issues related to implementing IFRS 15, which included identifying contract performance obligations, principal versus agent considerations, and licensing. However, based on feedback, the IASB tentatively decided not to take any further action regarding the concept of 'distinct' goods or services, identifying promises to transfer goods or services, convergence with FASB ASC Topic 606, and other aspects of identifying contract performance obligations. Under principal versus agent considerations, the IASB decided to classify the assessment of control over services and intangible assets as a low-priority issue. They also decided to refrain from further action on several related matters. The members largely supported these decisions. Regarding licensing, the IASB agreed to refrain from taking any further action on issues such as accounting for license renewals, determining the nature of a license, and others. IASB members nearly unanimously supported these decisions. In all cases, future discussions on potential additions and clarifications to the IFRS 15 are expected.

• Post-implementation Review of IFRS 15 – AcSB

• Oct 25, 2023

• At its meeting on October 25, 2023, the AcSB discussed its draft response to the International Accounting Standards Board (IASB) Request for Information (RFI), “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers” and provided staff with comments to incorporate into the final letter. Overall, the Board thinks the core principle and supporting five-step revenue recognition model in IFRS 15 are working as intended for contracts with customers within the scope of IFRS 15. The Board decided to highlight the importance of IFRS 15 remaining converged with Topic 606 in US GAAP and some application issues that may indicate a need for clarification to the requirements. In the case of the principal versus agent assessment, the Board decided to specifically highlight a need for standard setting to improve the application of this area in practice. The Board approved its response for submission to the IASB, subject to drafting changes.

• Post-implementation Review of IFRS 15 – AcSB

• Sep 20, 2023

• At its meeting on September 20-21, 2023, the AcSB discussed key points to include in its response to the IASB’s Request for Information (RFI), “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers.” The IASB’s RFI was issued in June 2023, and comments are due to the IASB by October 27, 2023. In developing the key points to include in its response letter, the Board considered feedback from 86 interested and affected parties on this topic, including users, preparers, practitioners, and academics. Overall, the Board thinks IFRS 15 is working as intended for contracts within its scope. The Board also decided to highlight some application issues that may indicate a need for clarification to the requirements. The Board will discuss a draft of its response letter at its meeting on October 25, 2023.

• Post-implementation Review of IFRS 15 – International Accounting Standards Board

• May 22, 2023

• At its meeting on May 22-24, 2023, the IASB discussed its forthcoming Request for Information Post-implementation Review of IFRS 15 Revenue from Contracts with Customers. It approved the publication of the Request for Information for a public 120-day comment period.