Deloitte comment letter on tentative agenda decision on IFRS 15 — Revenue recognition in a real estate contract
We have commented on the IFRS Interpretations Committee's publication in the September 2017 IFRIC Update of the tentative decision not to take onto the Committee's agenda the request for clarification on the application of the revenue recognition requirements of IFRS 15 to a specific contract for the sale of a unit in a residential multi-unit complex.
We agree with the IFRS Interpretations Committee's decision not to add this item onto its agenda for the reasons set out in the tentative agenda decision; however, we recommend an amendment to the wording in the tentative agenda decision to highlight the distinction between control of an asset and of a right to sell or pledge that asset in the future.
Download the full comment letter below.
