FYI Article – IFRS 15: The New Revenue Standard – An Extra Year to Get Ready!

January 2016: as reported by The Standard.

The New Revenue Standard

In September 2015, the International Accounting Standards Board (IASB) deferred the effective date of IFRS 15 Revenue from Contracts with Customers by one year to provide entities with more time for implementation.  

The standard is now effective for annual periods beginning on or after January 1, 2018.  Comparatives are required for 2017.  Earlier application is still permitted. The Accounting Standards Board (AcSB) approved the final amendment and incorporated it into Part I of the Handbook in January 2016.

Spring into Action Now!

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