This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

EFRAG issues endorsement advice on Clarifications to IFRS 15

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

06 Jul 2016

The European Financial Reporting Advisory Group (EFRAG) has issued its endorsement advice letter to the European Commission for the use of the Clarifications to IFRS 15 'Revenue from Contracts with Customers' in the European Union (EU).

In April 2016 the International Accounting Standards Board (IASB) published Clarifications to IFRS 15 'Revenue from Contracts with Customers'.  The objective of the amendments is clarify the requirements of the standard in certain areas (identifying performance obligations, principal versus agent considerations and licensing) and provide some transition relief for modified contracts and completed contracts.

EFRAG supports the adoption of the Clarifications and recommends their endorsement.  EFRAG’s assessment is that the Clarifications meet the technical requirements of the Regulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards.   

EFRAG also considers that the overall benefits of the Clarifications are likely to outweigh the associated costs to implement them

EFRAG has also updated its endorsement status report to reflect the issuance of the endorsement advice.

Click for (all links to EFRAG website):

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.