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ARTICLE · 10 JUNE 2014

New IFRS Revenue Recognition Standard – Addressing A Vital Metric

MNP LLP
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The IASB has issued IFRS 15, Revenue from Contracts with Customers, effective for annual reporting periods beginning on or after January 1, 2017.

CanadaAccounting and Audit
John Hughes
John Hughes
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The IASB has issued IFRS 15, Revenue from Contracts with Customers, effective for annual reporting periods beginning on or after January 1, 2017.

The standard is converged with a new U.S. GAAP standard issued at the same time. Here's how the IASB and the FASB sum up the importance of this step:

"Revenue is a vital metric for users of financial statements and is used to assess a company's financial performance and prospects. However, the previous requirements of both IFRS and U.S. GAAP were different and often resulted in different accounting for transactions that were economically similar. Furthermore, while revenue recognition requirements of IFRS lacked sufficient detail, the accounting requirements of U.S. GAAP were considered to be overly prescriptive and conflicting in certain areas.

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