IFRS Newsletter- English- May 2014

At last! Between the publication in December 2008 of theDiscussion Paper on Revenue Recognition, and the arrival of IFRS 15 at the endof May 2014, nearly five and a half years have passed. During this period, twoexposure drafts were published (June 2010 and November 2011), and it took 30months’ work to move from the second exposure draft to the final joint standardwith the US GAAP.

Despite this delay in publishing the standard, the mandatoryapplication date is still 1 January 2017. Let us hope that this period will besufficient for the Transition Resource Group, set up jointly by the IASB andthe FASB, to identify and analyse any application difficulties that IFRS 15 maypose. Recent experience of the standards on consolidation - IFRS 11 inparticular - that are currently dominating the agenda of the IFRSInterpretations Committee has shown the importance of dealing with applicationproblems at an early stage.

A future edition of Beyond the GAAP will introduce theprovisions of IFRS 15. In the meantime, this issue contains a selection of therecent decisions taken by the IASB and the IFRS IC.

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