17/03/2015 - EFRAG Endorsement Advice on IFRS 15 Revenue from Contracts with Customers
On 28 May 2014, the IASB published IFRS 15 Revenue from Contracts with Customers.
IFRS 15 was developed jointly with the FASB. IFRS 15 applies one revenue recognition model to all contracts with customers. In addition, it provides more detailed guidance in some areas where the previous revenue Standards lacked guidance. Following requests from users, IFRS 15 requires more relevant disclosures than the previous revenue Standards.
IFRS 15 is effective for annual reporting periods beginning on or after 1 January 2017. Earlier application is permitted.
EFRAG has submitted its Endorsement Advice relating to IFRS 15 for use in the European Union and European Economic Area. EFRAG assesses that IFRS 15 meets all technical endorsement criteria of the IAS Regulation and is conducive to the European public good. It therefore recommends endorsement of IFRS 15. EFRAG's recommendation is explained in the letter to the European Commission and the accompanying appendices.
The Endorsement Advice Letter to the European Commission can be found below.