ITC 53 Request for Comment on IASB Request for Information on Post-implementation Review of IFRS 15 Revenue from Contracts with Customers

Wednesday, July 5, 2023

Your feedback is requested to inform the post-implementation review of IFRS 15 Revenue from Contracts with Customers.

IFRS 15 introduced a comprehensive and robust framework for the recognition, measurement and disclosure of revenue that applies to a wide range of transactions and industries.  As part of the post-implementation review process, ITC 53 seeks feedback on the following:

1. stakeholders’ overall views and experiences relating to IFRS 15;
2. information on specific areas of IFRS 15, such as:
   1. identifying performance obligations in a contract;
   2. determining the transaction price;
   3. determining when to recognise revenue;
   4. principal versus agent considerations;
   5. licensing;
   6. disclosure requirements; and
   7. transition requirements;
3. information on applying IFRS 15 with other IFRS Accounting Standards;
4. information on the importance of convergence between IFRS 15 and the FASB’s Topic 606 Revenue from Contracts with Customers; and
5. other information relevant to the post-implementation review of IFRS 15.

The AASB’s policy is to incorporate International Financial Reporting Standards (IFRS Standards) into Australian Accounting Standards applicable to for-profit and not-for-profit entities in the private sector or the public sector.  Accordingly, the AASB is inviting comments on any of the questions listed in the Questions for Respondents section of the IASB Request for Information.

Please submit your comments to the AASB by 8 September 2023, via the AASB website, or email to [email protected].