Deloitte comment letter on the IASB’s request for information on the post-implementation review of IFRS 15
Published on:
30 Oct 2023
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We have commented on the IASB’s request for information regarding the post-implementation review of IFRS 15 Revenue from Contracts with Customers.
Overall, we believe that IFRS 15 has been effective and that the core principle and the supporting five-step revenue recognition model provide a clear and suitable basis for revenue accounting.
However, we encourage the Board to make two key amendments as a result of the post-implementation review:
- to amend IFRIC 12 Service Concession Arrangements, to remove an inconsistency between its requirements and those of IFRS 15; and
- to amend IFRS 15 to make clear that, when goods or services are sold within a corporate wrapper, IFRS 15 should be applied, except if the assets being sold meet the definition of a business.
Please click to download the full comment letter below.
