IFRS 15 to be issued next Wednesday
22 May 2014
The IASB has posted to its website a press release announcing that IFRS 15 'Revenue from Contracts with Customers' is expected to be issued on 28 May 2014.
The objectives of the joint IASB/FASB project on revenue recognition were to:
- remove inconsistences and weaknesses in existing revenue recognition standards by providing clear principles for revenue recognition in a robust framework;
- provide a single revenue recognition model which will improve comparability over a range of industries, companies and geographical boundaries; and
- simplify the preparation of financial statements by reducing the number of requirements to which preparers must refer.
IFRS 15 will be published at the same time as the corresponding FASB Accounting Standards Update Revenue from Contracts with Customers. Please click for the press release on the IASB website.
