In June 2023, the IASB published Request for Information Post-implementation Review of IFRS 15 Revenue from Contracts with Customers . Our response to the IASB was submitted on 26 October 2023.
In May 2014 the IASB issued IFRS 15. In April 2016 the IASB issued clarifications to IFRS 15 which became effective at the same time as the rest of the standard.
IFRS 15 Revenue from Contracts with Customers replaced:
The standard was effective for annual periods commencing on or after 1 January 2018.
Under its due process the IASB is required to conduct a post-implementation review (PIR)[1] of the all new IFRS standards and major amendments. The objective of a PIR is to assess whether the effects of applying the new requirements on users of financial statements, preparers, auditors and regulators are as intended when the IASB developed those new requirements.
In November 2021 the IASB decided to begin the PIR of IFRS 15 in the second half of 2022. In September 2022 the IASB discussed the plan for phase 1 of the PIR (identification of matters to be examined).
For the PIR of IFRS 15 the IASB has decided to consider whether:
Our outreach on this project included discussions with stakeholders and public consultation on our draft comment letter. Thank you to all who participated in this project.
The UKEB Final Comment Letter identifies no “fatal flaws” but sets out areas of potential enhancement to the IFRS 15 requirements, should the IASB plan to make amendments resulting from other feedback received in the Request for Information.
[The UKEB Final Comment Letter is attached below].
[1] For further information on the IASB post-implementation reviews refer to the IFRS website here.
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