IFRS 15, Revenue from Contracts with Customers, was issued by the International Accounting Standards Board (IASB) on May 28, 2014 and is converged with Accounting Standards Update 2014-09 Revenue from Contracts with Customers issued by the Financial Accounting Standards Board (FASB).
IFRS 15 establishes a single, comprehensive framework for revenue recognition. The framework will be applied consistently across transactions, industries and capital markets, and will improve comparability in the top line of the financial statements of companies globally.
According to the NASBA Website, the IFRS 15 is effective for annual reporting periods beginning on or after January 1, 2017, in the Financial Accounting and Reporting (FAR) section of the CPA Exam. However, AICPA Board of Examiners decided that due to the scope of IFRS 15, the standard will not be tested in the FAR section of the CPA Exam prior to January 1, 2016.
Want to know more about IFRS 15 and its inclusion in the CPA Exam? Read the Project Summary and Feedback Statement: IFRS 15 Revenue from Contracts with Customers.