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EFRAG believes IASB should only clarify IFRS 15 where absolutely necessary

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

04 Sep 2015

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2015/6 'Clarifications to IFRS 15'.

EFRAG states that, whilst supporting the convergence of IFRS 15 with the FASB's standard Revenue from Contracts with Customers and the proposals in the exposure draft, EFRAG agrees with the IASB’s decision not to clarify certain issues where the FASB has decided to provide further guidance in the standard. EFRAG believes that, at this stage, before the implementation of IFRS 15, the IASB should only clarify those issues that are strictly necessary for a proper understanding of IFRS 15.

Comments on the draft comment letter are due by 22 October 2015.

For more information, see the press release and draft comment letter on the EFRAG’s website.

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