IFRS April 2016 update
Keywords: Mazars, Thailand, IFRS, TRG, IASB, FASB, IFRS 15
17 May 2016
As expected, these amendments provide clarification on the concept of distinct goods and services, agent versus principal considerations, accounting for licenses 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.