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To understand whether the accounting standard is working as intended, the International Accounting Standards Board (IASB) is undertaking a post-implementation review (PIR) of IFRS 15 Revenue from Contracts with Customers.

IFRS 15 generally works well – though applying it can require companies/management to make complex, finely balanced judgements. A key question at this stage is whether the accounting standard is sufficiently robust to respond to evolving business models and economic challenges. Now is your chance to provide input.

Brian O’Donovan
KPMG Global Revenue Leader

What is the IASB seeking feedback on?

The IASB asks: 

  • whether IFRS 15 is meeting its objective;
  • for feedback on the understandability and accessibility of IFRS 15;
  • about the ongoing costs and benefits of applying the standard; and
  • about the importance of retaining convergence between IFRS 15 and Topic 606 Revenue from Contracts with Customers under US GAAP.

What are its specific areas of interest?

The IASB is seeking specific feedback on the following areas.

Area IASB’s focus
Identifying performance obligations in a contract

Fact patterns in which the requirements:

  • are unclear or applied inconsistently;
  • lead to outcomes that do not reflect the underlying economic substance of the contract; or
  • lead to significant ongoing costs.
Determining the timing of revenue recognition

Fact patterns in which the requirements are unclear or applied inconsistently. 

Determining whether a company is acting as principal or agent
Accounting for licensing arrangements

Determining the transaction price

Fact patterns in which the requirements are unclear or applied inconsistently to the following:

  • incentives paid by an agent to the end customer; or 
  • negative net consideration.
Disclosure requirements


  • the disclosure requirements result in companies providing useful information to users of financial statements;
  • any disclosure requirements give rise to significant ongoing costs; and 
  • significant variation in the quality of disclosed revenue information has been observed. 

Applying IFRS 15 with other IFRS® Accounting Standards

In particular, IFRS 15's application alongside:

  • IFRS 3 Business Combinations;
  • IFRS 9 Financial Instruments;
  • IFRS 10 Consolidated Financial Statements; and
  • IFRS 16 Leases
Transition requirements


  • preparers of financial statements used the optional modified retrospective method or the practical expedients; and 
  • the transition requirements achieved an appropriate balance between reducing the costs for preparers and providing useful information for users.

Have your say

Take this opportunity to share your feedback with the IASB on its focus areas and any other concerns you may have by 27 October 2023. 

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