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The International Accounting Standards Board (IASB) began the Post-implementation Review of IFRS 15 Revenue from Contracts with Customers in the second half of 2022.

In June 2023, the IASB published the Request for Information to seek stakeholders’ views on the requirements in IFRS 15. The comment period closed on 27 October 2023.

In January 2024, the IASB started its discussions of the feedback on the Request for Information and discussed the plan for the next phase of the project.

IASB® Update May 2024

The IASB met on 22 May 2024 to discuss:

  • stakeholder feedback on Question 11 (‘Other matters’) of the Request for Information Post-implementation Review of IFRS 15 Revenue from Contracts with Customers (Agenda Paper 6A); and
  • an updated academic literature review (Agenda Paper 6B).

Other matters (Agenda Paper 6A)

In response to the feedback, the IASB tentatively decided to take no further action on the matters related to:

  1. allocation of the transaction price to performance obligations in a contract; and
  2. other aspects of applying IFRS 15 raised by respondents to Question 11 of the Request for Information.

All 14 IASB members agreed with these decisions.

Academic literature review update (Agenda Paper 6B)

The IASB discussed an updated review of the academic literature examining the effects of applying IFRS 15. 

The IASB was not asked to make any decisions.

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