IFRS 15 - Effective date

Project history

The IASB issued ED/2015/2 Exposure Draft Effective Date of IFRS 15 (Proposed amendments to IFRS 15) (the 'ED') on 19 May 2015, with comments due by 3 July 2015.

The ED proposed deferring the effective date of IFRS 15 Revenue from Contracts with Customers to 1 January 2018 (originally 1 January 2017). Earlier application was permitted.

On 20 May 2015 EFRAG issued its draft comment letter in response to the ED. In its draft comment letter, EFRAG supported the proposal.

EFRAG requested comments on its draft comment letter by 25 June 2015.

The comment letters received supported the position expressed in EFRAG's draft comment letter.

Accordingly, EFRAG supported the proposal of the ED in its comment letter sent to the IASB on 2 July 2015.

In its endorsement advice on IFRS 15 Revenue from Contracts with Customers, EFRAG recommended to apply IFRS 15 as of the effective date as set by the IASB. Accordingly, as the IASB decided to defer the effective date, EFRAG's endorsement advice on IFRS 15 covered this deferral (and EFRAG did accordingly not produce any additional endorsement advice on the deferral).