Beyond the GAAP - May 2014 issue
At last! Between the publication in December 2008 of the Discussion Paper on Revenue Recognition, and the arrival of IFRS 15 at the end of May 2014, nearly five and a half years have passed.
During this period, two exposure drafts were published (June 2010 and November 2011), and it took 30 months’ work to move from the second exposure draft to the final joint standard with the US GAAP.
Despite this delay in publishing the standard, the mandatory application date is still 1 January 2017. Let us hope that this period will be sufficient for the Transition Resource Group, set up jointly by the IASB and the FASB, to identify and analyse any application difficulties that IFRS 15 may pose. Recent experience of the standards on consolidation - IFRS 11 in particular - that are currently dominating the agenda of the IFRS Interpretations Committee has shown the importance of dealing with application problems at an early stage.
A future edition of Beyond the GAAP will introduce the provisions of IFRS 15. In the meantime, this issue contains a selection of the recent decisions taken by the IASB and the IFRS IC.
- IFRS Foundation publishes its 2013 annual report
- SEC reiterates its wish to see IFRSs adopted in the US, but sets no timetable
- Hans Hoogervorst discusses the IASB work programme
- IFRS 7 disclosures on the transfer of financial assets
- IASB work plan
- IASB and FASB set up a joint IFRS 15 transition group
- IASB and FASB publish new Revenue Recognition standard, at last
- IFRS IC continues to examine the liability/equity classification of specific instruments mandatorily convertible into shares
- Demise of the project to clarify the accounting treatment of “other net asset changes” in an associate or joint venture
- Acceptable methods of amortisation
- Leases: further redeliberations
A closer look
- The IASB clarifies the accounting for acquisitions of interests in joint operations
- Standards and interpretations applicable at 30 June 2014