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6 Aug. 2015

Proposed amendments to AASB 15

Exposure Draft ED 267 Clarifications to AASB 15 (incorporating the IASB ED/2015/6 Clarifications to IFRS 15) has been issued. 

ED 267 proposes to clarify:

  • how to identify the performance obligations in a contract;
  • how to determine whether a party involved in a transaction is the principal or the agent; and
  • how to determine whether a licence provides the customer with a right to access or a right to use the entity’s intellectual property.

The ED also proposes additional relief to aid the transition to the AASB 15 Revenue from Contracts with Customers.
Comments on ED 267 are requested to the AASB by 2 October 2015.