International update March 2024

Review of revenue recognition standard

The IASB has heard the feedback to its request for information about the performance of IFRS 15, Revenue from Contracts with Customers, which it has been discussing this year. Overall the standard has been a success not least because it was jointly developed with the FASB. Stakeholders considered the convergence of their standards on this topic to be of great importance, which is a message that the FASB has also heard. This article provides an overview of the feedback, and a further article in the next issue will look at some of the topics raised in more detail.