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Deloitte comment letter on IASB ED/2015/6 "Clarifications to IFRS 15"

Published on: Oct 28, 2015

Deloitte’s IFRS Global Office has responded to the IASB's exposure draft ED/2015/6 Clarifications to IFRS 15.

In the comment letter, Deloitte’s IFRS Global Office welcomes the Board’s initiative in addressing a number of issues that were likely to cause significant practical difficulties in the application of IFRS 15 and supports the proposed amendments. Also, the comment letter provides general comments on the following:

  • Value of convergence — There is great value in having a converged standard as it optimizes costs to comply on a global basis. Deloitte’s IFRS Global Office urges the IASB and FASB to work together when updating the standard; however, when divergence occurs, to clearly explain that decision.
  • Clarity, stable platform, and timing of further amendments — Deloitte’s IFRS Global Office support the boards’ effort to clarify aspects of the standard that are unclear through the proposed amendments. In addition, any subsequent changes should be issued with a later effective date, but with early adoption.
  • Importance of drafting and updating the standard itself — To reduce the risk of preparers arriving at divergent answers, the boards should use as much of the same wording as possible when updating the standard. Also, decisions made are reflected by amendments to the standard itself rather than, as for certain issues addressed by the exposure draft, only in the Basis for Conclusions or Illustrative Examples.
  • Ongoing role of Transition Resource Group (TRG) — The TRG provides the preparers, auditors, and regulators an important forum to discuss matters of interpretation and application.

Please click to download the full comment letter below.

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