Post-implementation Review: IFRS 15 Revenue from contracts with customers
The International Accounting Standards Board (IASB) is seeking information to assess whether the effects of applying IFRS 15 requirements on users of financial statements, preparers, auditors and regulators are as intended when the IASB developed those new requirements.
IFRS 15 establishes the principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. Applying IFRS 15, an entity recognises revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. IFRS 15 was effective for annual periods beginning on or after 1 January 2018.
In this Request for Information the IASB sets out questions in 11 sections to cover areas of concern raised during phase 1 of the post implementation review.
Your feedback is important
Feedback will be obtained through various methods of outreach which will include the following:
- Request for information (per the below link);
- A survey for users of financial statements on revenue disclosures; and
- Targeted roundtable meetings with NZ stakeholders.
Your comments will help us provide feedback to the IASB and will also help us consider whether any other actions are required by the XRB – such as providing further education material and support.
Accessing the Request for Information
The XRB encourages you to read the RFI and to comment on the proposals directly to us and/or the IASB.
Commenting on the Request for Information
Please send us your comments—both formal and informal—by 22 September 2023, using the secure upload form below, or by emailing us at Accounting@xrb.govt.nz.
You could also choose to send your comments directly to the IASB (due by 27 October 2023), by clicking on the following link https://www.ifrs.org/projects/work-plan/post-implementation-review-of-ifrs-15-revenue-from-contracts-with-customers/pir-ifrs-15-rfi-cls/. When submitting directly, we encourage you to also send us a copy of your submission.
We intend on publishing all comments on the XRB website, unless they may be defamatory. If you have any objection to this, we will not publish them. However, they will remain subject to the Official Information Act 1982 and, therefore, may be released in part or in full. The Privacy Act 2020 also applies.