- Monday, January 23rd, 2017
In July 2015 the International Accounting Standards Board (IASB) confirmed a one-year deferral of the effective date of the revenue Standard, IFRS 15 Revenue from Contracts with Customers, to 1 January, 2018. Companies have the option to apply the standard earlier if they wish to do so.
As of January 1, 2018 IFRS 15 comes into force to address revenue from contracts with customers. This new standard is in line with initiatives from the IASB and FASB and is relevant for almost all customer contracts. IFRS 15 replaces IAS11, IAS18, IFRIC15 IFRIC13 IFRIC18 SIC31. It does not replace IAS39 or FRS9. IAS17 (leases) remains outside the scope of IFRS15.
In summary IFRS 15 elevates contract management from being simply a commercially beneficial activity albeit with real financial rewards to a well-run enterprise to now being a governance obligation. This new obligation demands both internal processes and contract management IT platforms be sufficiently capable and reliable to provide accurate, repeatable and auditable reporting data.
Full article in BLOG. http://symfact.com/2017/01/10/ifrs15-will-apply-from-the-1st-of-january-2018/