Accounting alerts: #3 2015
IASB defers the effective date of IFRS 15 Revenue from Contracts with Cutomers
The International Accounting Standards Board has tentatively decided to defer the effective date of IFRS 15. The new effective date will be annual reporting periods starting on or after 1 January 2018, with early adoption still permitted.
The IASB will be issuing a narrow-scope exposure draft proposing to defer the effective date of IFRS 15 which will be available for comment. A final decision is expected to be made at the IASB’s July meeting. For some entities, the adoption of IFRS 15, or AASB 15 (the Australian equivalent), will require significant system and process changes. Entities should not delay their implementation projects as a result of this deferral.
Financial reporting is undergoing rapid change, particularly with the IASB finalising a number of projects effective over the next few years. The need to be kept informed of the latest developments has never been more important.
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