Global Standards for the world economy

Monday 05 December 2016

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Exposure Draft

Clarifications to IFRS 15 Revenue from Contracts with Customers—Issues emerging from TRG discussions


Proposed clarifications to and transition reliefs for IFRS 15 Revenue from Contracts with Customers


On 30 July the International Accounting Standards Board (IASB) published for public consultation some proposed clarifications to and transition reliefs for IFRS 15 Revenue from Contracts with Customers.

The proposed targeted amendments follow discussions at meetings of the Transition Resource Group (TRG), which was set up jointly by the IASB and the US Financial Accounting Standards Board (FASB) to support companies in implementing the new revenue Standard after it was issued in May 2014.

The Exposure Draft proposes to clarify:

  • how to identify the performance obligations in a contract;
  • how to determine whether a party involved in a transaction is the principal (responsible for providing the goods or services) or the agent (responsible for arranging for the goods or services to be provided to the customer); and
  • how to determine whether a licence provides the customer with a right to access or a right to use the entity’s intellectual property.

In addition, the IASB proposes two reliefs to aid the transition to the new revenue Standard.

Comment letters

 

View the Comment Letters.

 

Due process documents
Exposure Draft: Clarifications to IFRS 15 [PDF]
公開草案: IFRS第15号の明確化 (Japanese) [PDF]
コメント期限:2015年10月28日
Proyecto de Norma: Aclaraciones a la NIIF 15 (Spanish) [PDF]
(Recepción de comentarios hasta el 28 de octubre de 2015)
Exposé-sondage: Clarification d’IFRS 15 (French) [PDF]
(Date limite de réception des commentaires : le 28 octobre 2015)

 



Project contacts

Henry Rees
Technical Director
Email: hrees@ifrs.org

 

Raghava Tirumala
Technical Manager
Email: rtirumala@ifrs.org