22 July 2015
The
International Accounting Standards Board (IASB) today confirmed a
one-year deferral of the effective date of the revenue Standard, IFRS 15 Revenue from Contracts with Customers, to 1 January 2018.
The Board voted to confirm the one-year deferral, following a public consultation.
The revenue Standard was issued jointly by the IASB and the US Financial
Accounting Standards Board (FASB) in May 2014 with an effective date of
1 January 2017. Both Boards have now confirmed a one-year deferral of
the effective date. Companies applying IFRS continue to have the option
to apply the Standard earlier if they wish to do so.
The formal amendment to the Standard, specifying the new effective date, is expected to be issued in September.
Later this month the IASB will publish for public consultation some
proposed clarifications to the Standard to help companies with
implementation. These clarifications follow discussions at the
Transition Resource Group (TRG), which was established by the IASB and
the FASB to support companies in implementing the Standard.
Hans Hoogervorst, Chairman of the International Accounting Standards Board, commented:
The deferral will give companies more time to implement the Standard in view of the clarifications that we will propose shortly. It also keeps the effective date aligned for IFRS and US GAAP.
End
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