IFRS® Standards

Clarifications to IFRS 15 Revenue from Contracts with Customers

Summary

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.

Staff Contact(s)

Nancy Estey, CPA, CA

Principal, Accounting Standards Board

Meeting & event summaries


June 16, 2015

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.

News


June 9, 2017

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.

October 28, 2016

News

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.

September 23, 2016

News

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!

January 7, 2016

News

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.

September 15, 2015

News

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.

June 30, 2015

News

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.

May 28, 2015

News

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.

May 22, 2015

News

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.