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Post-implementation Review of IFRS 15 Revenue from Contracts with Customers
The International Accounting Standards Board (IASB) has concluded its Post-implementation Review of IFRS 15 Revenue from Contracts with Customers, finding that the Standard is working as intended and providing investors with useful information.
The IASB issued IFRS 15 in 2014 to improve the reporting of revenue. The IASB developed this Standard jointly with the US Financial Accounting Standards Board (FASB) to create a consistent approach to revenue recognition across global markets.
Feedback from stakeholders and the IASB’s own research show that the Standard provides a clear and robust framework for revenue accounting decisions.
While the overall verdict is positive, the IASB has identified a few application issues to consider in its next agenda consultation, which it plans to start in late 2025. They are:
• how companies decide whether they are the main seller or an agent in a transaction;
• how to report on payments to customers; and
• how IFRS 15 works alongside several other IFRS Accounting Standards.
Download the Post-implementation Review of IFRS 15 Revenue from Contracts with Customer Project Summary and Feedback Statement at https://www.ifrs.org/content/dam/ifrs/project/pir-ifrs-15/pir-ifrs15-feedbackstatement-portrait-sept2024.pdf.
The IASB’s Press Release can be accessed at www.ifrs.org.
30 September 2024
