Related Discussions

• 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.