As 2015 gets under way, discussions on the application of
IFRS 15 are in full swing! Many technical subjects have now
been discussed by the Joint Transition Resource Group, and
already the idea of amending the standard as published has
made some headway, at least on the FASB side.
The question of the mandatory application date has also
been raised. Against this background, the January 2015
meeting of EFRAG’s TEG officially recommended the new
EFRAG Board to adopt IFRS 15 with the later mandatory
effective date of 2018.
Beyond the GAAP will take this opportunity to give an
update on the current technical debates on IFRS 15. This
edition will also introduce the new EFRAG governance
structure that came into effect on 31 October 2014 and
within which the TEG will in future play a role in providing
technical advice to the Board on IFRS matters.
Enjoy your reading!