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A main purpose of the project to develop IFRS 15 was that, although revenue is a critical metric for financial statement users, there were important differences between the IASB and FASB definitions of revenue, and there were different definitions of revenue even within each board's guidance for similar transactions accounting for under different standards. [3]
IFRIC 15 Agreements for the Construction of Real Estate 2008 January 1, 2009: January 1, 2018: IFRS 15: IFRIC 16 Hedges of a Net Investment in a Foreign Operation 2008 October 1, 2008: IFRIC 17 Distributions of Non-cash Assets 2008 July 1, 2009: IFRIC 18 Transfers of Assets from Customers 2009 July 1, 2009: January 1, 2018: IFRS 15: IFRIC 19
In May 2014, the FASB and IASB issued new, converged guidance on revenue recognition. This guidance, known as ASC 606 (or IFRS 15), aims to improve consistency in recognizing revenue from contracts with customers. [3] ASC 606 became effective in 2017 for public companies and 2018 for private companies. [4]
Even though they operate the same way, they report their revenues differently, this is because of the divide between IFRS and GAAP. Both companies follow a five-step model under IFRS 15 and GAAP (ASC 606) [47], but GAAP includes extra layers of industry-specific guidance for sectors such as real estate, software, and financial services. [48]
While ASC 820 and IFRS 15 have been converged and so provide comparable guidance, US GAAP and IFRS apply this guidance in different ways. For example, under US GAAP (ASC 360), entities are not allowed present any property, plant or equipment at fair value.
In 2021, The IFRS Foundation introduced a new semantic twist as it decided to establish the International Sustainability Standards Board (ISSB) as a sister standard-setter to the IASB. Under the new terminology, IFRS consist of the combination of accounting standards issued by the IASB and of sustainability-related standards issued by the ISSB.
In financial accounting under International Financial Reporting Standards (IFRS), a provision is an account that records a present liability of an entity. The recording of the liability in the entity's balance sheet is matched to an appropriate expense account on the entity's income statement.
Professional bodies represent the interests of their members by lobbying governments, and provide the framework for self-regulation where this is permitted by statute. . Professional bodies are also responsible for administering training and examinations for students and me