IFRS 15 Revenue from Contracts with Customers was issued by the Board on 28 May 2014 and has a mandatory effective date of 1 January 2018. The Board is undertaking a number of activities to support implementation of the Standard. You can find information about all of these activities by following the links below. This includes all of the educational material that has been prepared since the Standard was issued, information about the activities of the Transition Resource Group and links to upcoming conferences. Throughout the implementation phase, the Board will monitor implementation and will consider whether additional materials might be helpful.
Transition Resource Group
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 issued Clarifications to IFRS 15 in April 2016.
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.