ARTICLE · 29 JANUARY 2016

IFRS 15: Revenue From Contracts With Customers

Collins Barrow National Incorporated

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IFRS 15 was issued by the International Accounting Standards Board (the IASB) to provide a single global standard prescribing how a reporting entity would recognize revenue from a contract with a customer.

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IFRS 15: Revenue from Contracts with Customers

IFRS 15 was issued by the International Accounting Standards Board (the IASB) to provide a single global standard prescribing how a reporting entity would recognize revenue from a contract with a customer.

Although the IASB and the Financial Accounting Standards Board (FASB) held meetings to determine how IFRS 15 would be implemented, consensus was not attained and both the FASB and the IASB agreed to defer the effective date of the new standard to annual periods commencing on or after January 1, 2018, with early adoption permitted.

To understand why a consensus was not reached, we need to look at what IFRS 15 was proposing.

The Five Step Model Framework:

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