PiR IFRS 15 approaches completion
During its July meeting, the IASB finalised its decisions on the Post-implementation Review of IFRS 15 – Revenue from Contracts with Customers. Concluding that, overall, the requirements of IFRS 15 are working as intended, the IASB does not plan to take any standard-setting action in the immediate future.
The following matters were therefore postponed to the next agenda consultation:
• assessing control over services and intangible assets to determine whether an entity acts as a principal or an agent; • reporting consideration payable to a customer;
• applying IFRS 15 with IFRIC 12 –Service Concession Arrangements, including accounting for contractual obligations to maintain or restore service concession infrastructure;
• applying IFRS 15 with IFRS 10 – Consolidated financial statements, with particular reference to accounting for transactions in which an entity, as part of its ordinary activities, sells an asset by selling an equity interest in a single-asset entity that is a subsidiary (a ‘corporate wrapper’) and with IFRS 11 – Joint Arrangements, in particular accounting for collaborative arrangements.
The IASB has decided to wait for the Postimplementation Review of IFRS 16 – Leases to gather further evidence on matters related to assessing whether the transfer of an asset in a sale and leaseback transaction constitutes a sale under IFRS 15.
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