IFRS 15 news

A collection of news items related to the May 2014 revenue recognition standard.

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Chief Accountant of the SEC comments on revenue recognition

24 Mar 2016

At an accounting and reporting congress in Philadelphia, Jim Schnurr, Chief Accountant of the US Securities and Exchange Commission (SEC), shared some of his thoughts and perspectives on the continuing transition activities for the new revenue standard.

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FASB issues ASU on principal-versus-agent considerations

17 Mar 2016

The US Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2016-08 'Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net)', to clarify certain aspects of the principal-versus-agent guidance in its new revenue recognition standard in response to feedback received from the FASB-IASB joint revenue recognition transition resource group.

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Japan updates list of 'designated' IFRSs

25 Feb 2016

The Financial Services Agency (FSA) of Japan has announced that additional IFRSs issued in 2015 were designated for use by companies voluntarily applying IFRSs in Japan.

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IASB says TRG not scheduled to meet again

22 Jan 2016

The IASB has announced that the Transition Resource Group for Revenue Recognition (TRG) is not scheduled to meet again.

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IFRS Foundation publishes proposed IFRS Taxonomy update for IFRS 16 'Leases'

21 Jan 2016

The IFRS Foundation has published a proposed IFRS Taxonomy update 'IFRS Taxonomy 2015 — IFRS 16 'Leases''.

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IASB publishes editorial corrections

08 Dec 2015

The IASB has published a batch of editorial corrections to stand-alone standards.

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IFRS Foundation releases training material for IFRS 9 and IFRS 15

27 Nov 2015

The IFRS Foundation's education initiative has releases slide decks to support those teaching IFRSs. The material provided now is for IFRS 9 'Financial Instruments' and IFRS 15 'Revenue from Contracts with Customers'. Both standards are effective for annual reporting periods beginning on or after 1 January 2018 with early application permitted.

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TRG discusses implementation of new revenue standard

11 Nov 2015

At its 9 November 2015, meeting, the FASB’s and IASB’s joint revenue transition resource group (TRG) discussed potential issues related to implementing the boards’ new revenue standard.

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Revenue transition resource group releases meeting agenda

03 Nov 2015

The FASB and IASB have released the agenda for the next meeting of their joint revenue transition resource group (TRG), which will be held on 9 November 2015.

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AICPA begins developing revenue recognition implementation guidance

03 Nov 2015

The Financial Reporting Executive Committee of the American Institute of Certified Public Accountants (AICPA) has released for public comment nine working drafts on accounting issues associated with the implementation of the new revenue standard.

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'What kind of accounting standards should the IASB write?'

02 Nov 2015

The IASB makes available a paper by IASB member Mary Tokar published in the Journal of Accounting and Management Information Systems (JAMIS). The paper focuses on a long-standing challenge for standard setters: What kind of standards should they write?

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We comment on the proposed clarifications to IFRS 15

28 Oct 2015

We have published our comment letter on the International Accounting Standards Board's (IASB) Exposure Draft ED/2015/6 'Clarifications to IFRS 15'.

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IFRS 15 — ESMA believes the IASB has identified the right issues, calls for clear documentation of impacts of differences between IASB and FASB

08 Oct 2015

The European Securities and Markets Authority (ESMA) has commented on the IASB exposure draft ED/2015/6 'Clarifications to IFRS 15'.

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FASB proposes clarifications to its new revenue standard

30 Sep 2015

The US Financial Accounting Standards Board (FASB) has issued a proposed ASU, 'Narrow-Scope Improvements and Practical Expedients', that would amend certain aspects of the Board’s May 2014 revenue standard, ASU 2014-09, 'Revenue From Contracts With Customers'.

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IPSASB announces strategy for 2015 forward

18 Sep 2015

The International Public Sector Accounting Standards Board (IPSASB) has released its final strategy and work programme for 2015-2018. Among the projects to be taken up is also a revenue recognition project that will consider the extent to which the principles in IFRS 15 are appropriate for transactions in the public sector.

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IASB defers effective date of IFRS 15

11 Sep 2015

The International Accounting Standards Board (IASB) has published 'Effective Date of IFRS 15' deferring the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018. Earlier application of IFRS 15 continues to be permitted.

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Malaysia defers revenue standard and overall effective date for transitioning entities

08 Sep 2015

The Malaysian Accounting Standards Board (MASB) has announced that the effective date of MFRS 15 'Revenue from Contracts with Customers' will be deferred to annual periods beginning on or after 1 January 2018. MFRS 15 is word-for-word identical with IFRS 15. As a result, the effective date for Transitioning Entities (TEs) to apply the Malaysian Financial Reporting Standards (MFRSs) will also be deferred to annual periods beginning on or after 1 January 2018.

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EFRAG believes IASB should only clarify IFRS 15 where absolutely necessary

04 Sep 2015

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2015/6 'Clarifications to IFRS 15'.

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FASB proposes guidance on principal-versus-agent considerations

31 Aug 2015

The FASB has issued a proposed ASU, "Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net).”

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FASB issues ASU deferring the effective date of the new revenue standard

12 Aug 2015

The FASB has issued an ASU, “Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date,” which defers for one year the effective date of the new revenue standard for public and nonpublic entities reporting under U.S. GAAP.

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