UKEB Draft Comment Letter: IFRS 15 and Draft Supplier Finance Arrangements
Draft Comment Letter: IASB Request for Information—Post-implementation Review of IFRS 15 Revenue from Contracts with Customers
The UKEB has issued a draft comment letter for public consultation in response to the IASB's Request for Information on its Post-implementation Review (PIR) of IFRS15 Revenue from Contracts with Customers.The UKEB draft comment letter considers that IFRS 15 has achieved its objective and is working well, though some operational challenges remain. The draft comment letter highlights some areas where improvement, including potential standard setting activity, is required, without causing significant cost and disruption to entities already applying the standard.
The draft comment letter can be viewed here. Stakeholders are invited to provide feedback either via the Invitation to Comment form or by email to UKEndorsementBoard@endorsement-board.uk.
Stakeholder comments are welcome until 5 October 2023.
For further detail of the IFRS 15 PIR, see the UKEB project page and the IASB website.
Call for Comments: Draft Endorsement Criteria Assessment of Supplier Finance Arrangements: Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures
The UKEB has published a Draft Endorsement Criteria Assessment (DECA) on Supplier Finance Arrangements.On 25 May 2023 the IASB published Supplier Finance Arrangements: Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures (the Amendments). The Amendments complement the existing disclosure requirements in IFRS Accounting Standards that apply to supplier finance arrangements. They are aimed at providing users of financial statements with information that enables them to assess the effect of supplier finance arrangements on an entity’s liabilities and cash flows, as well as on the entity’s exposure to liquidity risk. The Amendments are effective for annual reporting periods beginning on or after 1 January 2024, with early application permitted.
The UKEB invites stakeholders’ views on the DECA conclusions regarding potential UK adoption of the Amendments.
The Invitation to Comment and Your Details document can be accessed here.
The DECA can be accessed here and is open for stakeholder comments until close of business on 18 October 2023.
Responses should be emailed to UKEndorsementBoard@endorsement-board.uk.
Visit our website for more information on the UKEB’s approach to this project.
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