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IFRS 15 (oral update)

Date recorded:

The staff provided a brief oral update on IFRS 15, Revenue from Contracts with Customers. The update was focused on the recent TRG meeting for US stakeholders held by the FASB. The meeting took place on 18 April 2018. The staff noted that there were five issues discussed, and three of them were considered relevant to IFRS stakeholders:

  1. accounting for an existing contract asset when the contract modification is accounting for as a termination of an existing contract;
  2. how to identify a class of customer when determining whether a customer option provides a material right or not; and
  3. how control transfers over time and the milestone method. The staff noted that there is no need for the Board to consider those issues.

The remaining two issues were US GAAP specific.

In response to a question about how US filers of IFRS financial statements were expected to view these discussions, the staff stated that the discussion was non-authoritative and accordingly not mandatory. However, the papers could be served as educational material.

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