Deferral of Effective Date for the Revenue Standard

At a meeting on 1 April 2015, the FASB (tentatively) decided to defer the effective date of Topic 606 by one year.

Keywords: Mazars, Thailand, IFRS, FASB, ASU, IASB

13 May 2015

Topic 606 is the converged standard published at the same time as IFRS 15. Listed entities will therefore be required to implement the standard for reporting periods commencing on or after 15 December 2017 (as opposed to 15 December 2016, as previously). A proposed Accounting Standards Update (ASU) is to be published, and will be open for comment for 30 days.

The IASB is expected to make a decision on whether it will defer the effective date of IFRS 15, which is currently set at 1 January 2017. It remains to be seen whether the IASB will follow in the FASB’s footsteps.