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IASB to discuss effective date of IFRS 15

  • IASB (International Accounting Standards Board) Image

Apr 20, 2015

The IASB has published an agenda paper for its April meeting, which discusses the effective date of IFRS 15, “Revenue From Contracts With Customers” (converged with the FASB’s ASU 2014-09 by the same name).

Prepared by the IASB staff, the agenda paper asks the IASB whether it wishes to defer the effective date in light of (1) issues emerging from dis­cus­sions of the revenue tran­si­tion resource group (TRG) and (2) the FASB’s tentative decision to defer the effective date of ASU 2014-09 for one year for both public and nonpublic entities. The paper makes the following rec­om­men­da­tions:

We recommend that the IASB defer the effective date of IFRS 15 by one year to 1 January 2018. An entity would continue to be permitted to apply the requirements to annual periods beginning before that date.

If the IASB agrees to propose a deferral of the effective date, we recommend publishing the proposed deferral for comment as a separate narrow-scope Exposure Draft. That Exposure Draft would include a comment period of no less than 30 days that allows for the finalisation of the IASB’s discussions in this respect at the July 2015 board meeting.

For more information, see the agenda paper on the IASB's Web site. Also see Deloitte’s May 28, 2014, and April 1, 2015, Heads Up newsletters for more information about the revenue standard and the FASB's effective date deferral.

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