The IASB has proposed a one-year deferral from the original 2017 effective date.
The IASB has issued its formal proposal to defer the effective date of its new revenue standard IFRS 15 by one year to 1 January 2018. Early adoption would continue to be permitted.
Industries such as telecommunications and software have expressed concerns about the time and effort needed to implement the standard.
In addition, the IASB plans to propose targeted amendments to the standard later this year, to clarify some of its requirements and add new illustrative examples.
“The proposed amendment is simple but significant. I would encourage all interested parties to respond, to ensure their view is considered when the IASB finalises its decision in July.”
Comments are due to the IASB by 3 July 2015.
For more information, go to the IASB press release or speak to your usual KPMG contact.
We will continue to report on significant developments and further decisions by the IASB on the new revenue standard. Visit our IFRS – Revenue hot topics page.
© 2018 KPMG IFRG Limited is a UK company, limited by guarantee. All rights reserved. KPMG IFRG Limited, registered in England No 5253019. Registered office: 15 Canada Square, London, E14 5GL, UK.