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IASB votes to defer the effective date of IFRS 15

  • IASB (International Accounting Standards Board) (blue) Image

22 Jul 2015

The IASB has just unanimously affirmed its proposal to defer the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018. Earlier application of IFRS 15 continues to be permitted.

The IASB had proposed the deferral as it has 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 acknowledges that IFRS 15 was issued later than had been intended, so implementation time was shorter than anticipated.

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

For more information, see the press release on the IASB's website.

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