IASB defers effective date of new revenue recognition guidance
FINANCIAL REPORTING INSIGHTS |
On September 11, 2015, the International Accounting Standards Board (IASB) issued an amendment to International Financial Reporting Standard 15, Revenue from Contracts with Customers, to defer the effective date of the standard by one year to January 1, 2018. Early application of the Standard is still permitted.
The main reason for the deferral of the effective date is that the IASB currently is consulting on some proposed clarifications to the Standard. These proposals follow discussions with the Joint Transition Resource Group, which was established in conjunction with the Financial Accounting Standards Board (FASB) to support the implementation of the new substantially converged revenue recognition standards issued in May 2014 by the FASB and the IASB.