IASB votes to defer the effective date of the new Revenue Standard

28 April 2015

The IASB is planning to issue an Exposure Draft with proposed clarifications to the Standard, stemming from the joint Transition Resource Group meetings. Another reason for the postponement is to keep the effective date of the IASB’s and the FASB’s Revenue Standards aligned.

The IASB voted to publish an ED proposing a one-year deferral of the effective date of the revenue Standard to 1 January 2018.

The new revenue Standard (IFRS 15 Revenue from Contracts with Customers) was issued jointly by the IASB and the US Financial Accounting Standards Board (FASB) in May 2014 with an effective date of 1 January 2017. The IASB will consult on the proposed deferral of the effective date by one year before it is confirmed, as is required by its due process. Early application of the Standard would still be permitted.

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