IFRS 15 Revenue from Contracts with Customers: Implementation
This page provides an overview of all of the activities undertaken by the International Accounting Standards Board (the Board) to support implementation of IFRS 15. It will be updated throughout the implementation phase of this Standard.
IFRS 15 Revenue from Contracts with Customers was issued by the Board on 28 May 2014. In June 2014, the Board, along with the US Financial Accounting Standards Board (the FASB), announced the formation of a joint Transition Resource Group (the TRG). The TRG was set up to support implementation of IFRS 15, and the FASB’s Topic 606 Revenue from Contracts with Customers, by considering potential implementation issues submitted by stakeholders. After each TRG meeting, the Board and the FASB determined what action, if any, to take relating to each issue considered by the TRG.
Most of the topics discussed by the TRG have been determined by the TRG as sufficiently addressed by the requirements in IFRS 15. However, five topics emerging from the TRG’s discussions resulted in the Board deciding to issue some clarifications to IFRS 15. Partly due to these clarifications, the Board also decided to defer the effective date of IFRS 15 by one year to
1 January 2018.
On 21 January 2016, the Board announced that it had completed its decision making on the clarifications to IFRS 15, and that it does not plan to schedule further meetings of the IFRS constituents of the TRG. The Board will continue to undertake activities to support implementation of IFRS 15 as described below.
Educational and implementation materials
In addition to the materials provided within IFRS 15 itself, including the Illustrative Examples, various materials that support implementation of IFRS 15 are available. These are summarised below. Throughout the implementation phase, the Board will monitor implementation and will consider whether additional materials might be helpful.
Materials published alongside IFRS 15 and Clarifications to IFRS 15
Summaries of issues discussed at TRG Meetings
The complete log of submissions received by the TRG as at 2 November 2015 (with hyperlinks to staff papers, meeting summaries, etc) is available here.
Standard setting activity relating to topics considered by the TRG: publications and other information
Other Board discussions relating to IFRS 15
The materials below record other potential implementation issues discussed by the Board after issuance of IFRS 15. These relate to issues that were not considered by the TRG. These discussions did not result in any Standard setting activity.
Other education materials
Implementation: IASB Monitoring and support
Technical enquiries and implementation issues
The Board announced in January 2016 that it does not plan to schedule further meetings of the IFRS constituents of the TRG. Consequently, stakeholders can continue their implementation process with the confidence that IFRS 15 will not be subject to further changes. However, the TRG has not been disbanded and will be available for consultation by the Board if needed. Additionally, the IASB maintains a dedicated IFRS 15 issues mailbox that stakeholders can use to make us aware of implementation questions relating to IFRS 15.