Deferral of IFRS 15 mandatory effective date

As reported previously, the IASB recently published an exposure draft proposing a one-year deferral of the mandatory effective date of IFRS 15.

Keywords: Mazars, Thailand, IFRS, IASB, ED, FASB, EFRAG

15 October 2015

In the light of comments received on the ED, the IASB confirmed in its July meeting that the effective date would be postponed. This follows a similar decision by its US counterpart.

Thus, the standard will be mandatory for financial periods commencing on or after 1 January 2018, with early application permitted. Formal confirmation should be issued in the near future. The FASB published its official confirmation on 12 August of this year.

Further to EFRAG’s recommendation of EU endorsement, the advisory group wrote to the European Commission stating that it recommends the new effective date for application in Europe.