30 July 2015- The International Accounting Standards Board (IASB) today 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 Financial Accounting Standards Board (FASB) to support companies in implementing the new revenue Standard after it was issued in May 2014.
The Exposure Draft proposes to clarify:
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. The IASB expects to complete its discussions on these issues by the end of 2015, after which the final amendments to the Standard will be issued. (Source- http://www.ifrs.org)