IFRS 15 – A Closer Look
Keywords: Mazars, Thailand, IFRS 15, Revenue, Intellectual Property, IASB, US standard, Transition Resource Group
30 May 2016
These clarifications relate to:
- identifying the performance obligations;
- the agent/principal distinction;
- licences of intellectual property;
- transitional arrangements.
These amendments are, generally speaking, the result of the discussions that took place in the joint Transition Resource Group. They do not affect the general principles of the standard, but simply bring clarification to some particular aspects of application.
Hitherto, IFRS 15 has been broadly convergent with the US standard, Topic 606, which was issued simultaneously.
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