International Accounting News
The International Accounting Standards Board (IASB) has changed the effective date of IFRS 15 ‘Revenue from Contracts with Customers’ from 1 January 2017 to 1 January 2018, although early adoption continues to be permitted.
IFRS 15 – Revenue from contracts with customers.
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.