98 - Beyond the GAAP - 03-2016

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.
As expected, these amendments provide clarification on the
concept of distinct goods and services, agent versus principal
considerations, accounting for licences 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.
As it will take some time to assess the full impact of these
amendments, readers of Beyond the GAAP will have to wait
until next month for an in-depth discussion of the issues. As
a result, the IFRS highlights for this month primarily relate to
decisions made by the IASB and IFRS IC, as reported in their
respective Updates.
Enjoy your reading!