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 (FASB), announced the formation of a joint Transition Resource Group (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.
The TRG met jointly on six occasions in 2014 and 2015. Most of the topics discussed by the TRG were 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 issuing some clarifications to IFRS 15 in April 2016.
The work of the IFRS constituents of the TRG is now complete.