As scheduled, the IASB has published its exposure draft,
proposing a one-year deferral of the mandatory effective
date of IFRS 15. This exposure draft is to be followed by a
second, scheduled for July, proposing amendments to the
standard (in the form of clarifications and additional
examples) ensuing from the work of the TRG. Although
further TRG meetings are scheduled, the IASB is not
planning to make any further amendments.
The IASB has also published its draft Conceptual Framework
this month. Although this will not have any immediate
impact on currently-applicable standards, it sets out the
context for their future development. It should however be
noted that some important issues, such as the definition of
‘performance’ and distinguishing between debt and equity,
are not addressed in the draft and have been added to the
IASB’s work plan as research projects.
Beyond the GAAP will address the key elements of the
IASB’s proposed Conceptual Framework in a future issue.
Enjoy your reading!