Despite this delay in publishing the standard, the mandatory application date is still 1 January 2017. Let us hope that this period will be sufficient for the Transition Resource Group, set up jointly by the IASB and the FASB, to identify and analyse any application difficulties that IFRS 15 may pose. Recent experience of the standards on consolidation - IFRS 11 in particular - that are currently dominating the agenda of the IFRS Interpretations Committee has shown the importance of dealing with application problems at an early stage.
A future edition of Beyond the GAAP will introduce the provisions of IFRS 15. In the meantime, this issue contains a selection of the recent decisions taken by the IASB and the IFRS IC.