IFRS 15 news

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

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IASB proposes clarifications to IFRS 15

30 Jul 2015

The International Accounting Standards Board (IASB) has published an Exposure Draft (ED/2015/6) with proposed clarifications of IFRS 15 'Revenue from Contracts with Customers'. Comments are requested by 28 October 2015.

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EFRAG supports the IASB’s deferral of IFRS 15

29 Jul 2015

On 17 March 2015, the European Financial Reporting Advisory Group (EFRAG) submitted an endorsement advice letter to the European Commission (EC) that recommended IFRS 15 be adopted "with the effective date set by the IASB". This phrase means that if the IASB should at a future point of time decide to delay the effective date, it will also be delayed in Europe. With the IASB’s decision at its 22 July 2015 meeting to defer the effective date of IFRS 15 by one year; the EFRAG has notified the EC that it recommends the 1 January 2018 effective date, as set by the IASB, for application in Europe.

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IASB votes to defer the effective date of IFRS 15

22 Jul 2015

The IASB has just unanimously affirmed its proposal to defer 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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TRG discusses implementation of new revenue standard

16 Jul 2015

At its 13 July 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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FASB votes to defer the effective date of new revenue standard

09 Jul 2015

At its meeting today, the FASB affirmed its proposal to defer for one year the effective date of the new revenue standard (ASU 2014-09, "Revenue From Contracts With Customers") for public and nonpublic entities reporting under U.S. GAAP. In addition, the FASB affirmed that all entities would be permitted to early adopt the standard as of the original effective date in ASU 2014-09 (i.e., annual reporting periods beginning after December 15, 2016).

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AOSSG warns against delaying effective dates

09 Jul 2015

The Asian-Oceanian Standard-Setters Group (AOSSG) has commented on the International Accounting Standards Board's (IASB) Exposure Draft ED/2015/2 'Effective Date of IFRS 15'. The AOSSG supports deferring the effective date in this case but warns the IASB against setting 'a precedent for constituents seeking amendments to the effective date of other standards, whenever the implementation is found to be challenging'.

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Revenue transition resource group releases meeting agenda

07 Jul 2015

The IASB and FASB released the agenda for the upcoming meeting of their joint revenue transition resource group (TRG), which will be held on 13 July 2015.

Deloitte comment letter on IASB ED/2015/2 'Effective Date of IFRS 15' Image

We comment on the proposed deferral of the effective date of IFRS 15

06 Jul 2015

We have published our comment letter on the International Accounting Standards Board's (IASB) Exposure Draft ED/2015/2 'Effective Date of IFRS 15'.

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ASBJ urges FASB to wait for IASB with changes to revenue recognition requirements

03 Jul 2015

The Accounting Standards Board of Japan (ASBJ) has responded to the proposed revenue ASU on licensing and identifying performance obligations the FASB published for comment in May.

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Chief Accountant of the SEC believes former SEC Chairman's call for burying IFRS was 'premature'

08 Jun 2015

At a financial reporting conference in California, Jim Schnurr, Chief Accountant of the US Securities and Exchange Commission (SEC) confirmed that the SEC does not intend to bury the objective of a single set of high-quality, globally accepted accounting standards.

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IASB officially proposes to defer the effective date of IFRS 15

19 May 2015

The International Accounting Standards Board (IASB) has published the expected Exposure Draft (ED) aimed at deferring the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018. Comments are requested by 3 July 2015.

FASB (US Financial Accounting Standards Board) (lt blue) Image

FASB proposes revenue ASU on licensing and identifying performance obligations

12 May 2015

The FASB has issued proposed ASU, 'Identifying Performance Obligations and Licensing', that would amend certain aspects of the Board’s May 2014 revenue standard, specifically the guidance on identifying performance obligations and the implementation guidance on licensing.

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FASB proposes ASU to defer the effective date of the new revenue standard

30 Apr 2015

The FASB has issued a proposed ASU, 'Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date', which would defer for one year the effective date of the new revenue standard for public and nonpublic entities reporting under US GAAP.

IASB (International Accounting Standards Board) (blue) Image

IASB will propose to defer the effective date of IFRS 15

28 Apr 2015

In its afternoon session today on IFRS 15 issues, the IASB has just decided to propose to defer the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018.

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IASB to discuss effective date of IFRS 15

20 Apr 2015

In preparation for the IASB's meeting next week, an agenda paper has been released today discussing the effective date of IFRS 15 and asking the IASB whether it wishes to defer the effective date in the light of (i) issues emerging from discussions of the Revenue Transition Resource Group (TRG) and (ii) the FASB’s tentative decision regarding the effective date.

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Deloitte releases e-learning module on IFRS 15

15 Apr 2015

Deloitte’s Global Audit Learning group has released an e-learning module on IFRS 15. This new module is an addition to the extensive catalogue of IFRS e-learning content made freely available by Deloitte.

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TRG discusses implementation of new revenue standard

01 Apr 2015

At its 30 March 2015 meeting, the joint revenue transition resource group (TRG) and IASB and FASB board members discussed potential issues related to implementing the boards’ new revenue standard.

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US FASB tentatively decides to defer the new revenue standard

01 Apr 2015

At its meeting today, the US Financial Accounting Standards Board (FASB) tentatively decided to defer for one year the effective date of the new revenue standard (ASU 2014-09 'Revenue From Contracts With Customers') for public and nonpublic entities reporting under US GAAP.

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Agenda for the Joint Transition Resource Group for Revenue Recognition meeting

23 Mar 2015

The agenda has been released for the upcoming meeting of the Joint Transition Resource Group for Revenue Recognition (TRG), which is being jointly held at the offices of the IASB and FASB on 30 March 2015. The TRG will discuss a number of topics related to the boards’ new revenue standard, “Revenue From Contracts With Customers” (issued as IFRS 15 by the IASB and ASU 2014-09 by the FASB).

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG recommends adoption of IFRS 15 without deferral of the 2017 effective date

18 Mar 2015

The European Financial Reporting Advisory Group (EFRAG) has submitted to the European Commission its endorsement advice letter on IFRS 15 'Revenue from Contracts with Customers'. As part of its assessment EFRAG considered whether it would recommend a deferral of the 1 January 2017 effective date included in IFRS 15 but decided against doing so.

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