The IASB has confirmed a one-year deferral of the effective date of its new revenue standard.

Companies are now required to apply IFRS 15 Revenue from Contracts with Customers no later than 1 January 2018. Early adoption continues to be permitted.

This decision at the IASB meeting on 22 July is consistent with the decision  reached by the FASB earlier this month.

The IASB is also expected to release its proposed amendments to the new standard shortly. The proposals relate to licences, identifying performance obligations, principal-agent considerations and transitional provisions. Watch out for our publications on the proposed amendments.

Our IFRS Newsletter: Revenue will continue to report on significant developments and further decisions by the IASB on the new revenue standard.