The IASB has confirmed that the effective date of its new revenue standard IFRS 15 will be deferred by one year to 1 January 2018. Early adoption continues to be permitted.
This decision is consistent with the decision reached by the FASB earlier this month.
“Companies in industries that had voiced concerns about the time and effort needed to implement the new revenue standard – such as telecommunications and software – are likely to support the IASB’s decision to defer the effective date of IFRS 15.”
The IASB has also released its proposed amendments to the new standard. The proposals relate to licences, identifying performance obligations, principal-agent considerations and transitional provisions.
“All companies should consider how the new timing, and the proposed amendments to the standard, could affect their implementation plans.”
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