IASB confirms one-year deferral of effective date of revenue Standard

Tags: IFRS

IASB has confirmed a one-year deferral of the effective date of the revenue Standard, IFRS 15 Revenue from Contracts with Customers, to 1 January 2018.

The Board voted to confirm the one-year deferral, following a public consultation.

The revenue Standard was issued jointly by the IASB and the US Financial Accounting Standards Board (FASB) in May 2014 with an effective date of 1 January 2017. Both Boards have now confirmed a one-year deferral of the effective date. Companies applying IFRS continue to have the option to apply the Standard earlier if they wish to do so.

The formal amendment to the Standard, specifying the new effective date, is expected to be issued in September.

Later this month the IASB will publish for public consultation some proposed clarifications to the Standard to help companies with implementation. These clarifications follow discussions at the Transition Resource Group (TRG), which was established by the IASB and the FASB to support companies in implementing the Standard.

Hans Hoogervorst, Chairman of the International Accounting Standards Board, commented: "The deferral will give companies more time to implement the Standard in view of the clarifications that we will propose shortly. It also keeps the effective date aligned for IFRS and US GAAP."

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