28/07/2015 - Effect of the deferral of the IFRS 15 effective date on EFRAG's endorsement advice
On 17 March 2015, EFRAG submitted to the European Commission its endorsement advice letter on IFRS 15 Revenue from Contracts with Customers ('IFRS 15'). As part of its assessment EFRAG considered whether it would recommend a deferral of the 1 January 2017 effective date. EFRAG concluded to recommend that IFRS 15 should be adopted 'with the effective date set by the IASB'. This phrase meant that if the IASB should at a future point of time decide to delay the effective date, EFRAG would recommend that this deferral would also apply in Europe.
On 22 July 2015, the IASB decided to defer the effective of IFRS 15 to 1 January 2018. Accordingly, EFRAG has notified the European Commission that "the effective date set by the IASB" would be 1 January 2018.
EFRAG's letter to the European Commission can be found below.