The IASB issued several amendments to IFRS Standards and an Interpretation that clarifies the requirements in particular Standards. These changes are part of the Board’s process to maintain IFRS Standards.
The changes include:
IFRS 16 will require leases to be carried on corporate balance sheets from January 2019
The new IFRS 15
- Replaces IAS 18 Revenue, IAS 11 Construction Contracts and some revenue-related Interpretations,
- Establishes a new control-based revenue recognition model,
- Changes the basis for deciding whether revenue is to be recognized over time or at a point in time,
- Provides new and more detailed guidance on specific topics,
- Expands and improves disclosures about revenue.
The Standard will impact all entities in all industries, but the extent of the impact can vary significantly.