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Clarifications to IFRS 15: Issues emerging from TRG discussions

Background

The converged standard IFRS 15 Revenue from Contracts with Customers was issued on 28 May 2014 and must be applied in an entity's first annual IFRS financial statements for periods beginning on or after 1 January 2017. To keep the IASB and FASB informed on interpretive issues occurring during implementation of the converged revenue recognition standard and to assist in determining what action may be needed to resolve diversity in practice, the Boards created the Joint Transition Resource Group for Revenue Recognition (TRG).

The discussions of the TRG highlighted potential diversity in stakeholders' understanding of some topics in IFRS 15. Those topics have been referred to the IASB and the FASB for further consideration and the IASB and the FASB each decided to propose some improvements in order to clarify the guidance in their revenue standards.

 

Current status of the project

This project has been completed. Amendments aimed at deferring the effective date of IFRS 15 were issued on 11 September 2015. Clarifications to IFRS 15 'Revenue from Contracts with Customers' was issued on 12 April 2016.

 

Project milestones

DateDevelopmentComments
February 2015 Added to the IASB's agenda
19 May 2015
ED/2015/2 Effective Date of IFRS 15 (proposed amendments to IFRS 15) issued
Comments requested by 3 July 2015
30 June 2015
ED/2015/6 Clarifications to IFRS 15 (proposed amendments to IFRS 15) issued
Comments request by 28 October 2015
11 September 2015 Effective Date of IFRS 15 issued new effective date of IFRS 15 is 1 January 2018
12 April 2016 Clarifications to IFRS 15 'Revenue from Contracts with Customers' issued
amendments are effective for annual reporting periods beginning on or after 1 January 2018

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