This experience should certainly serve as a warning to the IASB, which will have to emphasise its independence of the FASB in its future interpretations of IFRS 15. Otherwise, it will open up the risk that IFRS 15 implementation guidance as a whole will be dictated by the American regulators, which seems to prefer strict rules applicable to everyone, rather than an approach in which financial statements preparers apply a principle while exercising judgment.
Enjoy your reading!
Michel Barbet-Massin Edouard Fossat
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