Date: 27 July 2023
The UKEB today issued a draft comment letter for public consultation in response to the IASB’s Request for Information on its Post-implementation Review (PIR) of IFRS15 Revenue from Contracts with Customers.
The UKEB draft comment letter considers that IFRS 15 has achieved its objective and is working well, though some operational challenges remain. The draft comment letter highlights some areas where improvement, including potential standard setting activity, is required, without causing significant cost and disruption to entities already applying the standard.
The draft comment letter can be viewed here. Stakeholders are invited to provide feedback either via the Invitation to Comment form or by email to UKEndorsementBoard@endorsement-board.uk. Stakeholder comments are welcome until 5 October 2023.
In addition, the UKEB project team is conducting short one-to-one interviews (no more than 30 minutes), during July and August, with UK investors, users and preparers to understand their views on companies’ revenue reporting. To register your interest in participating, send your contact details to UKEndorsementBoard@endorsement-board.uk by Friday 4 August 2023.