ASCG comments on the Post-implementation Review of IFRS 15

The ASCG has issued today its comment letters on the Post-implementation Review of IFRS 15 to the IASB and to EFRAG.

The comment letters follow the corresponding consultation document (so-called RfI – Request for Information, we reported).

We consider that IFRS 15 is a principles-based, well-structured, and understandable Standard that is generally working well in practice. Overall, we consider the core principle and the supporting five-step revenue recognition model to provide useful information about an entity’s revenue from contracts with customers.

We observed that various aspects of IFRS 15 were challenging during the implementation phase of the Standard but over time, pragmatic and well working solutions were found in practice. The Financial Reporting Technical Committee believes that stability should be the primary objective of the PiR; fundamental conceptual discussions and fundamental changes to the Standard should be avoided. Accordingly, in the comment letter to the IASB, we only express individual specific points of criticism or make suggestions for improvements to the standard.