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IASB votes to defer the effective date of IFRS 15

  • IASB (International Accounting Standards Board) Image

Jul 22, 2015

At today’s meeting, the IASB affirmed its proposal to defer the effective date of IFRS 15, “Revenue From Contracts With Customers,” to January 1, 2018. Earlier application of IFRS 15 would continue to be permitted.

Since some entities may wish to apply the targeted amendments to IFRS 15 at the same time as they first apply IFRS 15, the IASB had proposed the deferralso that the effective date of IFRS 15 can be the same as the effective date of those amendments. The IASB also ac­knowl­edges that IFRS 15 was issued later than had been intended, so im­ple­men­ta­tion time was shorter than expected. In September, the IASB is expected to issue a formal amendment to IFRS 15 specifying the new effective date.

Earlier this month, the FASB affirmed its proposal to defer for one year the effective date of its counterpart revenue standard Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers.

For more information, see the press release on the IASB's Web site.

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