The IASB’s publication of amendments to IFRS 15 on 12 April was followed, less than a month later, by the FASB’s publication of slightly different amendments to Topic 606.
Apart from issues of convergence between the two standards, there is also the question of the repercussions for IFRSs users of the technical conclusions reached by the American standard-setter. The analyses conducted by the TRG, the SEC or resulting from other initiatives (sectoral groups in the AICPA, for example) on Topic 606 will clearly be sources of guidance for the application of IFRS 15. But their status in the world of IFRS remains uncertain.
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A Closer Look
IASB publishes amendments to clarify IFRS 15
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