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Revenue from contracts with customers — Effective date of IFRS 15

Date recorded:

Comment letter summary, due process and permission to ballot

In this session the IASB Technical Manager provided a summary of the feedback received on the Exposure Draft Effective Date of IFRS 15 published by the IASB in May 2015; and the IASB members voted on whether to finalise the deferral of the effective date of IFRS 15 by one year to 1 January 2018.

One IASB member observed that feedback had been received on the Exposure Draft encouraging the IASB to set a formula for determining the implementation lead-time when deciding on the effective date of standards.  He highlighted the difficulties associated with setting a formula that would apply to all standards.  He noted that IFRS 15 was a Standard that involved (up to millions of) day to day transactions, and therefore, preparers would need more lead-time than if they were implementing a Standard that only affected transactions that occurred once a year; and noted that he disagreed with setting a formula, but suggested that the IASB should work on this area a bit more.

The IASB agreed to finalise the amendment to IFRS 15 so that entities would be required to apply IFRS 15 for annual reporting periods beginning on or after 1 January 2018, with early application continuing to be permitted.  All IASB members voted in favour. 

The IASB members confirmed that they were satisfied that all due process requirements had been met, and gave the IASB staff permission to begin the balloting process to amend the effective date of IFRS 15.

No IASB members indicated that they planned to dissent from the publication of the amendment to IFRS 15.

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