The International Accounting Standards Board (IASB) issued IFRS 15 Revenue from Contracts with Customers on 28 May 2014 with a mandatory effective date of 1 January 2018. The IASB supports consistent application of the Standard in many ways. You can follow the links to read information about supporting activities. This includes educational material prepared since the Standard was issued and information about the activities of the Transition Resource Group. In addition, Agenda Decisions published by the IFRS Interpretations Committee that relate to this Standard can be found by expanding the link below.
Transition Resource Group
In June 2014, the IASB, 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 IASB 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 IASB issuing some clarifications to IFRS 15 in April 2016.
The work of the IFRS constituents of the TRG is now complete.
IFRS Interpretations Committee
The Interpretations Committee has considered some stakeholders’ questions related to the Standard.
The Interpretations Committee explains in an agenda decision why it has not proposed a standard-setting project for the work plan. In many cases, agenda decisions also explain how the applicable principles and requirements in IFRS Standards apply to the transaction or fact pattern that prompted a review of the Standard.
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Other IASB discussions and education materials
The materials below record other potential implementation issues discussed by the IASB after issuance of IFRS 15. These relate to issues that were not considered by the TRG. These discussions did not result in any Standard setting activity.
The agenda paper for the December 2015 recording can be accessed here.
