The IASB is requesting stakeholder feedback to inform its review of IFRS 15, Revenue from Contracts with Customers. The standard took effect in 2018 and was developed jointly with the US Financial Accounting Standards Board.
“IFRS 15 introduced a comprehensive and robust framework for the recognition, measurement and disclosure of revenue that applies to a wide range of transactions and industries,” a news release said. “The standard sets out a single coherent approach to recognising and measuring revenue that provides useful information to investors about the nature, amount, timing and uncertainty of revenue and cash flows arising from a company’s contracts with customers.”
After reviewing stakeholder feedback and evidence from outreach and research activities, the IASB will determine whether and when to undertake standard setting. The request for information is open for comment until 27 October.
“We encourage stakeholders to share evidence they have with us on whether IFRS 15 is achieving its objective around the understandability of the standard and on the costs and benefits of applying it,” IASB Chair Andreas Barckow said in the release.
IAASB begins work on sustainability standards
A draft of International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements, from the International Auditing and Assurance Standards Board (IAASB) has been approved by a unanimous vote for public consultation, a news release said.
The consultation period is early August until early December, the release said. The standard aims to enhance confidence in sustainability reporting, responds to the International Organization of Securities Commissions (IOSCO) recommendations, and complements the work of other standard setters, including the International Ethics Standards Board for Accountants (IESBA), the European Financial Reporting Advisory Group, the International Sustainability Standards Board (ISSB), the IFRS Foundation, the Global Reporting Initiative, and others.
“Once finalised, ISSA 5000 will serve as a comprehensive, stand-alone standard suitable for limited and reasonable sustainability assurance engagements,” the release said. “It will apply to sustainability information reported across any sustainability topic and prepared under multiple frameworks. Moreover, the standard will be profession-agnostic, enabling its use by professional accountants and other professionals performing sustainability assurance engagements.”
IPSASB requests academic contributions for research project
The International Public Sector Accounting Standards Board (IPSASB) is seeking scholarly contributions from the academic community for a 2024 research forum.
A news release said the forum presents an opportunity for researchers to have a significant impact on accounting standards used by governments and public-sector entities across the globe.
The research areas include practical international public sector accounting standards implementation challenges, sustainability reporting focused research, and research on adoption and implementation of specific international public sector accounting standards.
IPSASB is offering $2,000 grants for selected submissions. The submission deadline is 1 September.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.
