IFRS April 2016 update

The IASB has published amendments to IFRS 15 – Revenue from Contracts with Customers, which will have the same effective date as the standard itself, i.e. 1 January 2015. They emerge from the discussions of the Transition Research Group (TRG), which was set up jointly by the IASB and FASB to work on issues relating to implementation of the standard.

Keywords: Mazars, Thailand, IFRS, TRG, IASB, FASB, IFRS 15

17 May 2016

As expected, these amendments provide clarification on the concept of distinct goods and services, agent versus principal considerations, accounting for licenses of intellectual property, and implementing transition requirements. They do not change the fundamental principles of IFRS 15, and consequently few changes have been made to the body of the standard. The application guidance and illustrative examples have undergone more substantial changes and additions, and a further 40 pages have been added to the Basis for Conclusions.