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Author's profile photo Patricia METEIL-DUTARTRE

IFRS Update – 2015 H2 Publications

As IFRS (International Financial Reporting Standards) are evolving fast, we continue our focus on the latest IASB’s (International Accounting Standards Board) updates. Since our last blog published in July 2015, the following publications have been issued by the IASB:


IFRS 15 – Deferral of effective date from 1 January 2017 to 1 January 2018

The Revenue standard (IFRS 15) was issued jointly by the IASB and the US Financial Accounting Standards Board (FASB) in may 2014 with an effective date of 1 January 2017. Both Boards have now confirmed a one-year deferral of the effective date.

The main reason for the amendment is that the IASB is currently consulting on some proposed clarifications to the standard (exposure-draft published on July, 30th). These proposals follow discussions with the Revenue Transition Resource Group (TRG), established by the IASB and the FASB to support companies in the implementation of the new standard.

Postponement of accounting changes for associates and joint ventures

In September 2014, the IASB issued amendments to IFRS 10 and IAS 28 relating to transactions between an investor and its associate or joint venture (see our blogIFRS Update – 2014 H2 Publications). Subsequently, the IFRS Interpretations Committee and the Board considered a number of other issues with respect to the same topic.

Consequently the Board has decided that these issues should be addressed as part of the research project on equity accounting. The effective date of the 2014 amendments (initially 1 January 2016) is deferred so that entities need not change how they apply IAS 28 (equity accounting) twice in a short period. A new effective date will be determined when the equity accounting research project is finalized.

Other H2 publications

The other publications issued in H2-2015 are only proposals that do not call for comments at that stage.

Update of IASB Work Plan


The two remaining long-awaited major projects relate to insurance contracts and leases. Regarding the insurance project, the final standard should be delivered during 2016. IFRS 16 Leases was eventually issued on 13 January, 2016.

Based on the latest work plan, the following texts are expected for 2016:

  • amendments to IFRS 2 (share-based payment),
  • amendments to IAS 7 (statement of cash flows),
  • amendments to IFRS 15 (revenue)
  • amendments to IAS 12 (income taxes).

We will get back to these projects in our next blogs. Stay tuned !

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      Author's profile photo Laurence Nicolas
      Laurence Nicolas