Post-Implementation Review of IFRS 15 Revenue from Contracts with Customers


The IASB plans to publish a Request for Information (RFI) on its post-implementation review of IFRS 15 Revenue from Contracts with Customers in Q2 2023.

The UKEB plans to create a Project Initiation Plan and commence outreach aligned to the IASB timeline. In the meantime, the UKEB continues to monitor developments on this topic.


IFRS 15 Revenue from Contracts with Customers replaced:

  • IAS 11 Construction Contracts;
  • IAS 18 Revenue;
  • IFRIC 13 Customer Loyalty Programmes;
  • IFRIC 15 Agreements for the Construction of Real Estate;
  • IFRIC 18 Transfers of Assets from Customers; and
  • SIC-31 Revenue—Barter Transactions Involving Advertising Services.

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. 

For the PIR of IFRS 15 the IASB has decided to consider whether:

  1. there are fundamental questions (i.e. ‘fatal flaws’) about the clarity and suitability of the core principle and the five-step revenue recognition model in IFRS 15;
  2. the benefits to users of financial statements of the information arising from applying the IFRS 15 requirements are broadly as expected (or whether, for example, there is significant diversity in application); and
  3. the costs of applying some or all of the IFRS 15 requirements and auditing and enforcing their application are broadly as expected (or whether there is a significant market development since IFRS 15 was issued for which it is costly to apply its requirements consistently).  


We invite investors and other users to participate in our outreach (one-to-one interviews). You’ll be assisting in the development of our response to the IASB’s forthcoming RFI: Post-Implementation Review of IFRS 15 Revenue from Contracts with Customers. To register your interest, send your contact details to by 30 June 2023.

The UKEB is also holding roundtables on 20 and 21 June at 12pm for preparers to share their views on the forthcoming RFI. If you would like to receive an invitation to one of the roundtables, please send your contact details to by 9 June 2023.

The UKEB project outreach will also include public consultation on a draft UKEB comment letter in response to the IASB’s RFI. More information will be published in due course.

We would like to hear the perspectives of UK stakeholders from a variety of backgrounds, including users, preparers, academics, auditors and regulators.

For further updates on UKEB projects you can subscribe to our newsletters and alerts by emailing and putting SUBSCRIBE in the Subject.

[1] For further information on the IASB post-implementation reviews refer to the IFRS website here.