After the US standard-setter – FASB, decided to defer with one year the effective date of the new revenue standard, the IFRS confirmed the same. The Board will issue the formal amendment to the Standard specifying the new effective date in September.
Meanwhile, the Board will publish some clarifications that are important to help companies with the implementation of the standard.
The other purpose of the deferral is to have the same effective date at both sides of the ocean.
