IASB: Clarifications to IFRS 15 Revenue from Contracts with Customers
30 July 2015
The IASB published for public consultation some proposed clarifications to and transition reliefs for IFRS 15 Revenue from Contracts with Customers.
The proposed targeted amendments follow discussions at meetings of the Transition Resource Group (TRG), which was set up jointly by the IASB and the US FASB to support companies in implementing the new revenue Standard after it was issued in May 2014.
The ED proposes to clarify:
-
how to identify the performance obligations in a contract;
-
how to determine whether a party involved in a transaction is the principal (responsible for providing the goods or services) or the agent (responsible for arranging for the goods or services to be provided to the customer); and
-
how to determine whether a licence provides the customer with a right to access or a right to use the entity’s intellectual property.
In addition, the IASB proposes two reliefs to aid the transition to the new revenue Standard.
The consultation is open for comment until 28 October 2015.
Press release
© IASB - International Accounting Standards Board
