IFRS® Accounting Standards

Post-implementation Review of IFRS 15

Summary

The Accounting Standards Board (AcSB) participated in the International Accounting Standards Board’s (IASB) post-implementation review of IFRS 15 Revenue from Contracts with Customers to provide input on this standard’s effectiveness.

In undertaking the review, the IASB:

considered important or contentious issues in the development of the IFRS Accounting Standard;
considered issues that have come to the IASB’s attention since publication; and
identified areas in which unexpected costs or implementation problems were encountered.

The AcSB participated in the consultations and activities on this project to ensure that Canadian entities’ financial reporting needs were considered by the IASB.

Staff Contact(s)

Jamie Goodman, CPA, CA Principal, Accounting Standards Board

+1 416 204 3294

[email protected]

Matthew Bishop, CPA, CA Principal, Accounting Standards Board

+1 647 264 7070

[email protected]

Project Status

Information gathering

Completed prior to November 2021
Approving project

The IASB approved the PIR of IFRS 15 in November 2021
Engaging Communities

The IASB issued a Request for Information, “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers" in June 2023

The AcSB conducted outreach on the IASB’s Request for Information from July 2023 to September 2023
Deliberating feedback

The AcSB submitted its response letter to the IASB in October 2023

The IASB deliberated comments on its Request for Information
Final pronouncement

The IASB published a Project Summary and Feedback Statement in September 2024

IASB Project Report

News

November 14, 2023

International Activity, News

AcSB Response – Post-implementation Review of IFRS 15 Revenue from Contracts with Customers

On October 27, 2023, the AcSB responded to the IASB’s Request for Information, “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers” issued in June 2023. The AcSB’s letter expressed that overall, the core principle and supporting the five-step revenue recognition model in IFRS 15 are working as intended for contracts with customers. However, the AcSB highlighted some application issues that may indicate a need for clarification to the requirements. Read our letter to find out more!

July 6, 2023

News, International Activity

IASB issues Request for Information, “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers”

The IASB published a Request for Information, “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers.” Respond directly to the IASB with your feedback by October 27, 2023. In addition, stay tuned for more information on our upcoming virtual roundtables to help inform the Board’s response to the IASB.

Meeting & event summaries

November 8, 2023

AcSB Decision Summary – October 25, 2023

The AcSB discussed its draft response to the IASB’s (International Accounting Standards Board) Request for Information (RFI), “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers” and provided staff with comments to incorporate into the final letter. Overall, the Board thinks the core principle and supporting five-step revenue recognition model in IFRS 15 are working as intended for contracts with customers within the scope of IFRS 15. The Board decided to highlight the importance of IFRS 15 remaining converged with Topic 606 in US GAAP and some application issues that may indicate a need for clarification to the requirements. In the case of the principal versus agent assessment, the Board decided to specifically highlight a need for standard setting to improve the application of this area in practice. The Board approved its response for submission to the IASB, subject to drafting changes.

October 12, 2023

AcSB Decision Summary – September 20-21, 2023

The AcSB discussed key points to include in its response to the IASB’s Request for Information (RFI), “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers.” The IASB’s RFI was issued in June 2023, and comments are due to the IASB by October 27, 2023. In developing the key points to include in its response letter, the Board considered feedback from 86 interested and affected parties on this topic, including users, preparers, practitioners, and academics. Overall, the Board thinks IFRS 15 is working as intended for contracts within its scope. The Board also decided to highlight some application issues that may indicate a need for clarification to the requirements. The Board will discuss a draft of its response letter at its meeting on October 25, 2023.

August 1, 2023

AcSB Decision Summary – July 19, 2023

The AcSB received an education session on the International Accounting Standards Board (IASB) Request for Information (RFI), “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers.” The IASB’s RFI was issued on June 29, 2023, and comments are due to the IASB on October 27, 2023. The AcSB plans to gather feedback from interested and affected parties to inform its response. As part of its outreach in early September 2023, the Board will hold public roundtables in English and French, including targeted financial statement preparer and user events. Read more on the Board’s project page and register now.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.