17/05/2016 - EFRAG requests comments on its draft endorsement advice on Clarifications to IFRS 15 Revenue from Contracts with Customers
EFRAG is consulting on both its assessment of the Clarifications against the technical criteria in the EU and on its assessment of whether the Clarifications are conducive to the European public good.
EFRAG has issued a draft endorsement advice letter and a separate invitation to comment relating to the endorsement for use in the EU of Clarifications to IFRS 15 Revenue from Contracts with Customers ('the Clarifications').
The objective of the Clarifications 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.
The Clarifications become effective for annual periods beginning on or after 1 January 2018, with earlier application permitted.
EFRAG's overall preliminary assessment is that the Clarifications satisfy the criteria for endorsement for use in the EU and therefore recommends its endorsement.
EFRAG is seeking comments on all aspects of its analyses supporting its preliminary conclusions.
Comments are requested by 17 June 2016.
EFRAG has also updated its Endorsement Status Report, which can be downloaded here.