06/07/2016 - EFRAG's Endorsement Advice on Clarifications to IFRS 15 Revenue from Contracts with Customers
EFRAG has completed its due process regarding Clarifications to IFRS 15 Revenue from Contracts with Customers and has submitted its Endorsement Advice Letter to the European Commission.
In April 2016, the IASB issued Clarifications to IFRS 15 Revenue from Contracts with Customers ('the Clarifications') which were initially issued as an exposure draft ED/2015/6 in July 2015.
The objective of the Clarifications, effective for annual periods beginning on or after 1 January 2018, is to clarify the IASB's intentions when developing the requirements in IFRS 15 Revenue from Contracts with Customers but not to change the underlying principles of IFRS 15.
EFRAG has submitted its Endorsement Advice relating to the Clarifications for use in the European Union and European Economic Area. EFRAG assesses that the Clarifications meet all technical endorsement criteria of the IAS Regulation and are conducive to the European public good. It therefore recommends their endorsement. 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 here.
EFRAG has also updated its Endorsement Status Report, which can be downloaded here on EFRAG's web page.