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.
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