Video: Patrina Buchanan explains the Request for Information
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.
Access the video here.