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IASB defers effective date of IFRS 15

  • IASB document Image

Sep 11, 2015

The IASB has deferred by one year the effective date of its revenue standard IFRS 15, “Revenue From Contracts With Customers.”

The new effective date coincides with the effective date of the proposed amendments in the IASB’s July 2015 exposure draft (i.e., annual periods beginning on or after January 1, 2018). Early adoption of IFRS 15 continues to be permitted, and entities 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 deferred the effective date of its counterpart revenue standard, ASU 2014-09, by issuing ASU 2015-14 in August 2015.

 For more information, see the press release and amendments on the IASB’s Web site.

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