The International Accounting Standards Board (IASB) decided to begin the Post-implementation Review of IFRS 15 Revenue from Contracts with Customers in the second half of 2022.
The IASB met on 22 March 2023 to discuss findings from Phase 1 of the Post-implementation Review of IFRS 15 Revenue from Contracts with Customers, feedback from stakeholders and a review of academic literature.
The IASB discussed which matters to ask stakeholders about in the request for information it plans to publish to inform the next phase of the Post-implementation Review.
IFRS 15 as a whole and convergence with the US Financial Accounting Standards Board’s Topic 606 (Agenda Paper 6B)
The IASB tentatively decided to ask stakeholders about their views on IFRS 15 as a whole, including:
The IASB also tentatively decided to ask stakeholders about the importance of retaining convergence between IFRS 15 and the Financial Accounting Standards Board’s Topic 606 Revenue from Contracts with Customers.
All 13 IASB members agreed with these decisions.
The five steps of revenue recognition and related areas (Agenda Papers 6C–6D)
The IASB tentatively decided to ask stakeholders for any fact patterns in relation to which:
All 13 IASB members agreed with these decisions.
The IASB tentatively decided to ask stakeholders about:
All 13 IASB members agreed with these decisions.
The IASB tentatively decided against asking stakeholders about evidence of diversity in practice in determining the transaction price in a contract in relation to sales-based taxes.
Nine of 13 IASB members agreed with this decision.
Interaction with other IFRS Accounting Standards (Agenda Paper 6E)
The IASB tentatively decided to ask stakeholders about the application of IFRS 15 alongside other IFRS Accounting Standards, focusing on IFRS 3 Business Combinations, IFRS 9 Financial Instruments and IFRS 16 Leases.
Twelve of 13 IASB members agreed with the decisions in relation to IFRS 9 and IFRS 16.
Nine of 13 IASB members agreed with the decision in relation to IFRS 3.
The IASB tentatively decided against asking stakeholders about the application of IFRS 15 alongside IFRS 10 Consolidated Financial Statements but directed the staff to include an explanation of this decision in the request for information.
Twelve of 13 IASB members agreed with this decision.
Request for Information
International Accounting Standards Board May 2023