The IASB announced that they expect to publish the new revenue standard in the second half of May. IFRS 15, Revenue from contracts with customers is the result of a joint standard setting process with the FASB and will be published at the same time as the FASB's Accounting Standards Update. The guidance is expected to be substantially converged. The proposed effective date is expected to be 1 January 2017 for IFRS preparers with early adoption permitted.
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