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The European Securities and Markets Authority (ESMA) has today published a Public Statement which aims to promote the consistent application of International Financial Reporting Standard (IFRS) 15, Revenue from Contracts with Customers, by issuers listed on regulated markets.
Following the endorsement of IFRS 15 by the European Union, IFRS 15 will apply from 1 January 2018 to all issuers. As IFRS 15 establishes a new, comprehensive framework for determining and recognising revenue, ESMA urges European issuers to provide relevant and transparent information about the expected impact this standard will have on their IFRS financial statements.
