Our Ref.: C/FRSCSent through email16 March 2015Hans HoogervorstChairmanInternational Accounting Standards Board30 Cannon StreetLondon EC4M 6XHUnited KingdomDear Hans,Effective date of IFRS 15 Revenue from Contracts with CustomersThe Hong Kong Institute of Certified Public Accountants is the only body authorised bylaw to promulgate financial reporting, auditing and ethical standards for professionalaccountants in Hong Kong.As you may be aware, in accordance with our convergence policy, we issuedHKFRS 15 Revenue from Contracts with Customers shortly after the issuance ofIFRS 15. HKFRS 15 is a word-for-word adoption of IFRS 15, with the same transitionalprovisions and effective date.We have therefore been monitoring the progress of the joint IASB/FASB RevenueTransition Resource Group (TRG), including the implementation issues brought to themeeting discussions. We are aware that the IASB is already considering makinglimited amendments to IFRS 15 as a result of deliberations to date and expect that theTRG will continue to receive more implementation issues as reporting entities progresswith their implementation projects.In addition, we note that the Financial Accounting Standards Board (FASB) isconsidering delaying the effective date of the new, converged revenue recognitionstandard, and that the IASB is considering requests to defer the effective date ofIFRS 15 to maintain convergence.In this regard, we would like to inform you that, although we have not yet receivedstrong feedback from constituents seeking a delay, we are concerned that in light ofthe developments mentioned above, the remaining time period allowed forimplementation may prove too short for an orderly transition. We would therefore besupportive of deferring the effective date of IFRS 15 until the work of the TRG is furtheradvanced. From a convergence and global comparability perspective, we also agreethat it is desirable for the IASB and the FASB to require the same effective date fortheir converged standards. We confirm that if the effective date of IFRS 15 were to bedeferred, we would expect to make equivalent amendments to the effective date ofHKFRS 15.If you have any questions regarding the matters raised in this letter, please contact meor Winnie Chan, our Associate Director of Standard Setting atwinniechan@hkicpa.org.hk.Yours sincerely,Christina NgHead of Financial Reporting
Letter to IASB Chairman re Effective date of IFRS 15 Revenue from Contracts with Customers
下载原件Our Ref.: C/FRSCSent through email16 March 2015Hans HoogervorstChairmanInternational Accounting Standards Board30 Cannon StreetLondon EC4M 6XHUnited KingdomDear Hans,Effective date of IFRS 15 Revenue from Contracts with CustomersThe Hong Kong Institute of Certified Public Accountants is the only body authorised bylaw to promulgate financial reporting, auditing and ethical standards for professionalaccountants in Hong Kong.As you may be aware, in accordance with our convergence policy, we issuedHKFRS 15 Revenue from Contracts with Customers shortly after the issuance ofIFRS 15. HKFRS 15 is a word-for-word adoption of IFRS 15, with the same transitionalprovisions and effective date.We have therefore been monitoring the progress of the joint IASB/FASB RevenueTransition Resource Group (TRG), including the implementation issues brought to themeeting discussions. We are aware that the IASB is already considering makinglimited amendments to IFRS 15 as a result of deliberations to date and expect that theTRG will continue to receive more implementation issues as reporting entities progresswith their implementation projects.In addition, we note that the Financial Accounting Standards Board (FASB) isconsidering delaying the effective date of the new, converged revenue recognitionstandard, and that the IASB is considering requests to defer the effective date ofIFRS 15 to maintain convergence.In this regard, we would like to inform you that, although we have not yet receivedstrong feedback from constituents seeking a delay, we are concerned that in light ofthe developments mentioned above, the remaining time period allowed forimplementation may prove too short for an orderly transition. We would therefore besupportive of deferring the effective date of IFRS 15 until the work of the TRG is furtheradvanced. From a convergence and global comparability perspective, we also agreethat it is desirable for the IASB and the FASB to require the same effective date fortheir converged standards. We confirm that if the effective date of IFRS 15 were to bedeferred, we would expect to make equivalent amendments to the effective date ofHKFRS 15.If you have any questions regarding the matters raised in this letter, please contact meor Winnie Chan, our Associate Director of Standard Setting atwinniechan@hkicpa.org.hk.Yours sincerely,Christina NgHead of Financial Reporting