ESMA calls for consistent application of IFRS 15
20 Jul, 2016
The European Securities and Markets Authority (ESMA) has published a Public Statement aimed at promoting the consistent application of IFRS 15 'Revenue from Contracts with Customers' by European issuers listed on regulated markets.
In light of the expected impact and importance of the implementation of IFRS 15, ESMA highlights the need for consistent and high-quality implementation of IFRS 15 and the need for transparency on its impact to users of financial statements. The statements addresses the following topics:
- Transparency on implementation and effects of IFRS 15;
- Specific considerations;
- Illustrative timeline and good practices of disclosures; and
- Next steps.
Please click to download the IFRS 15 public statement from the ESMA website.
In November 2016, ESMA published a similar statement on the application of IFRS 9. ESMA expects that the statements will be taken into account and reflected in the 2016 and 2017 annual and 2017 interim financial statements.
