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IASB Member Patrina Buchanan explains the Request for Information that is currently out for comment on the Post-implementation Review of IFRS 15 Revenue from Contracts with Customers. 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.

The Accounting Standard introduced a comprehensive and robust framework for the recognition, measurement and disclosure of revenue that applies to a wide range of transactions and industries. It 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.

The deadline for comments is 27 October 2023.