Post-implementation Review of IFRS 15 Revenue from Contracts with Customers

The International Accounting Standards Board (IASB) has completed its Post-implementation Review of IFRS 15 Revenue from Contracts with Customers. On 30 September 2024, the IASB published the Project Summary and Feedback Statement, in which it concluded that the requirements in IFRS 15 are working as intended. In particular, the IASB concluded that:

• there are no fundamental questions (fatal flaws) about the clarity or suitability of the core objectives or principles in the requirements;
• the benefits to users of financial statements of the information arising from applying the requirements in IFRS 15 are not significantly lower than the IASB expected; and
• the costs of applying the requirements and auditing and enforcing their application are not significantly greater than the IASB expected.

Nonetheless, the IASB identified several matters for further consideration. The IASB will consider in its next agenda consultation matters related to:

• reporting consideration payable to a customer;
• assessing control over services and intangible assets to determine whether an entity acts as a principal or an agent; and
• applying IFRS 15 with other IFRS Accounting Standards—specifically with IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRIC 12 Service Concession Arrangements.

The IASB will also gather further evidence on matters related to how an entity assesses whether the transfer of an asset is a sale in a sale and leaseback transaction in the Post-implementation Review of IFRS 16 Leases.

The IASB decided to take no further action on the other matters identified in the Post-implementation Review of IFRS 15.