Effective Date of IFRS 15 (Amend IFRS 15)

BACKGROUND

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend International Financial Reporting Standard (IFRS) 15 Revenue from Contracts with Customers.

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The objective of this project is to defer the effective date of IFRS 15 by one year to annual reporting periods beginning on or after January 1, 2018.

The AcSB’s due process includes ensuring that Canadian entities’ financial reporting needs are considered by the IASB and issuing the AcSB’s own exposure draft on each IASB proposal.  Subject to the responses to the AcSB’s exposure draft on whether the IASB’s proposals are appropriate for application in Canada, the AcSB expects that the amendments will be incorporated into Canadian GAAP in accordance with the AcSB’s strategy of adopting IFRSs for publicly accountable enterprises.

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PROJECT NEWS

Non-authoritative Material – Revenue from Contracts with Customers
June 9, 2017. The Basis for Conclusions and Illustrative Examples issued by the IASB that accompany, but are not part of, IFRS 15 have been added to Part I of the CPA Canada Handbook – Accounting (in both cases excluding amendments made subsequently by the IASB for Clarifications to IFRS 15 Revenue from Contracts with Customers). The AcSB is taking a phased approach to adding non-authoritative material issued by the IASB to the Handbook.

Video of Panel Discussion – IFRS 15
October 28, 2016. Watch the video and download the slides from this panel discussion hosted by the AcSB and chaired by IASB member, Gary Kabureck. Hear standard-setter, preparer, auditor and securities-regulator insights into the implementation of IFRS 15 Revenue from Contracts with Customers.

Panel Discussion – IFRS 15
September 23, 2016. On October 14, 2016, in Toronto, the AcSB will host a panel discussion on implementing IFRS 15 Revenue from Contracts with Customers. Hear about the key application issues and challenges, and tips to manage your implementation of this important new standard. Seats are limited. Register today!

FYI Article – IFRS 15: The New Revenue Standard – An Extra Year to Get Ready!
January 7, 2016. Spring into action now! Read why you should get started implementing the new revenue standard given the extent of time needed for this significant undertaking.

Final Amendment – Effective Date of IFRS 15
September 15, 2015. The IASB has issued a narrow-scope amendment to IFRS 15 Revenue from Contracts with Customers deferring the effective date of this standard by one year to annual reporting periods beginning on or after January 1, 2018 with earlier application permitted.

AcSB Response – Effective Date of IFRS 15 (Proposed amendments to IFRS 15)
On June 30, 2015, the AcSB submitted a comment letter responding to the IASB's Exposure Draft issued in May 2015. The letter strongly supports the proposal to defer the effective date of IFRS 15, by one year, to annual reporting periods beginning on or after January 1, 2018, while retaining the ability for entities to apply the standard early. Read the AcSB letter posted by the IASB.

AcSB Decision Summary – June 16, 2015
The AcSB approved its response letter to the IASB’s Exposure Draft, “Effective Date of IFRS 15 (Proposed amendments to IFRS 15),” subject to drafting changes.

AcSB Exposure Draft – Effective Date of IFRS 15 (Proposed amendments to IFRS 15)
May 28, 2015. The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments, on the form provided, by July 3, 2015.

IASB Exposure Draft – Effective Date of IFRS 15 (Proposed amendments to IFRS 15)
May 22, 2015. The IASB has issued an Exposure Draft proposing to defer the effective date of IFRS 15 Revenue from Contracts with Customers to annual reporting periods beginning on or after January 1, 2018. Canadian stakeholders are encouraged to submit their comments to the IASB by July 3, 2015.

 

Disclaimer: This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.