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On 3 November 2021, at COP26, the IFRS Foundation Trustees announced the creation of the International Sustainability Standards Board (ISSB).
On 26 June 2023 the ISSB issued its inaugural standards—IFRS S1 and IFRS S2—ushering in a new era of sustainability-related disclosures in capital markets worldwide.
The International Accounting Standards Board (IASB) calls for stakeholder feedback to inform its review of the IFRS Accounting Standard for revenue from contracts with customers, IFRS 15.
The Accounting Standard was developed jointly with the US Financial Accounting Standards Board and came into effect in 2018. It was created to improve the quality and comparability of revenue information provided to investors globally.
IFRS 15 introduced a comprehensive and robust framework for the recognition, measurement and disclosure of revenue that applies to a wide range of transactions and industries. The Standard sets out a single coherent approach to recognising and measuring revenue that provides useful information to investors about the nature, amount, timing and uncertainty of revenue and cash flows arising from a company’s contracts with customers.
As part of the IASB’s usual post-implementation review (PIR) process for Accounting Standards, it will assess whether the requirements are working as intended.
Andreas Barckow, IASB Chair, said:
We encourage stakeholders to share evidence they have with us on whether IFRS 15 is achieving its objective, around the understandability of the Standard and on the costs and benefits of applying it.
A PIR of an Accounting Standard does not automatically lead to standard-setting. After reviewing stakeholder feedback and evidence from outreach and research activities, the IASB will determine whether and when to undertake standard-setting. The Request for Information Post-implementation Review of IFRS 15 Revenue from Contracts with Customers is open for comment until 27 October 2023.
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