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ICAEW comment letter on the IASB's Exposure Draft amending the effective date of IFRS 15

  • ICAEW (Institute of Chartered Accountants in England and Wales) (lt green) Image

30 Jun 2015

The Institute of Chartered Accountants in England and Wales (ICAEW) has published its comment letter on the IASB exposure draft (ED) proposing deferral of the effective date of IFRS 15 Revenue from Contracts with Customers by one year.

The IASB issued ED/2015/2 Effective Date of IFRS 15 (proposed amendments to IFRS 15) on 19 May 2015.  This exposure draft only proposes changing the mandatory effective date of IFRS 15 from annual periods beginning on or after 1 January 2017 to annual periods beginning on or after 1 January 2018. Earlier application of IFRS 15 would continue to be permitted.

In its comment letter the ICAEW supports the proposal to defer the effective date of IFRS 15 by one year to periods beginning on or after 1 January 2018.  However the ICAEW indicates that the decision to defer the effective date of IFRS 15 after it had been issued should not be seen as setting a precedent for future standards. 

The full comment letter is available on the ICAEW website.

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