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21 May. 2015

AASB proposes deferral of revenue standard

The AASB has issued Exposure Draft ED 263 Effective Date of AASB 15 Revenue from Contracts with Customers. ED 263 incorporates IASB ED/2015/2 Effective Date of IFRS 15.

The proposed amendments would defer the effective date of AASB 15 to periods beginning on or after 1 January 2018 instead of 1 January 2017, consistent with the amendment proposed by the IASB to IFRS 15 Revenue from Contracts with Customers. Earlier application would continue to be permitted.

A further Exposure Draft is expected as the IASB plans to propose targeted amendments to IFRS 15 to clarify aspects of the requirements.

Comments on ED 263 are requested to the AASB by 19 June 2015.