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IASB defers effective date of IFRS 15

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11 Sep 2015

The International Accounting Standards Board (IASB) has published 'Effective Date of IFRS 15' deferring the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018. Earlier application of IFRS 15 continues to be permitted.

 

Background

On 28 May 2014, the IASB issued IFRS 15 with an effective date of 1 January 2017 with earlier application permitted. After issuing the new revenue standard, which is substantially the same as the FASB's ASU 2014-09 Revenue from Contracts with Customers, the IASB and the FASB formed the joint Revenue Transition Resource Group to support the implementation of the new standard. As result of the discussions of the resource group, the IASB has proposed some targeted amendments to IFRS 15. As some entities may wish to apply these amendments at the same time as they first apply IFRS 15, the IASB has decided to postpone the effective date of the standard by one year to provide additional time for these entities to implement the amended standard. The FASB issued an ASU deferring the effective date of its revenue standard in August 2015.

 

Amendments

The amendments issued today merely aim at 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 continues to be permitted. Entities also continue to be permitted to choose between applying the standard either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognised at the date of initial application.

 

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