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IASB proposes to defer the effective date of IFRS 15

  • IASB document Image

May 19, 2015

The IASB has published an exposure draft (ED), “Effective Date of IFRS 15,” which would defer the effective date of IFRS 15, “Revenue From Contracts With Customers,” by one year.

The IASB is proposing the deferral primarily because it is currently preparing another ED that would amend certain portions of IFRS 15. The ED’s new effective date would be annual periods beginning on or after January 1, 2018. Early adoption of IFRS 15 would continue to be permitted, and entities would still have the option of applying the standard ret­ro­spec­tively either to each prior reporting period presented or with the cu­mu­la­tive effect of initial application recog­nized as of the adoption date.

The FASB has also issued a proposal that would defer the effective date of its counterpart revenue standard, ASU 2014-09, by a year.

Comments on the IASB’s ED are due by July 3, 2015. For more information, see Deloitte's IFRS in Focus newsletter as well as the press release and ED on the IASB’s Web site.

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