Sunday 24 July 2016
The objective of this project is to clarify the guidance in IFRS 15 in respect of issues arising from the discussions of the 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 (the Boards) for further consideration. The Boards discussed the specific issues arising from the TRG discussions on those topics, and the IASB and the FASB each decided to propose some improvements in order to clarify the guidance in IFRS 15 and Topic 606.
The IASB decided that it would develop a single Exposure Draft of proposed clarifications to IFRS 15. This Exposure Draft will include the clarifications that the IASB tentatively decided to make at this meeting, together with any other clarifications that the IASB considers necessary in the light of the discussions at the TRG meetings in January 2015 and March 2015. The IASB expects to approve the clarifications to be included in the Exposure Draft at its meeting in June 2015.
The International Accounting Standards Board has issued amendments to the Revenue Standard, IFRS 15 Revenue from Contracts with Customers
IASB completes decision-taking on clarifications to its Revenue Standard
IASB confirms deferral of effective date by issuing formal amendment to the revenue Standard
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