31/10/2016 - EFRAG Endorsement Status Report 31 October 2016
The endorsement by the European Commission of IFRS 15 Revenue from Contracts with Customers including amendments to IFRS 15: Effective date of IFRS 15 is now reflected in the EFRAG Endorsement Status Report.
The European Commission endorsed IFRS 15 Revenue from Contracts with Customers including amendments to IFRS 15: Effective date of IFRS 15.
IFRS 15 was developed jointly with the FASB. IFRS 15 applies one revenue recognition model to all contracts with customers and provides more detailed guidance on some areas where the previous revenue Standards lacked guidance. Finally, IFRS 15 requires more disclosures about revenue than the previous revenue Standards.
The amendment to IFRS 15: Effective Date of IFRS 15 defers the effective date of the Standard from 1 January 2017 to 1 January 2018.
Link to the publication in the Official Journal of the European Union: Commission Regulation 2016/1905 as of 22 September 2016
As a result, EFRAG has updated the EFRAG Endorsement Status Report, which can be downloaded below and under the menu point 'Endorsement Status'.