IFRS 15 “Revenue from contracts with customers” was adopted in May 2014 and was originally intended to be applied for the first annual IFRS financial statements for periods beginning January 1, 2017 or later. But after the American regulator had postponed this date on January 1, 2018, the IFRS Council adopted a similar decision.
After long discussions, the IFRS Council postponed the entry into force of the standard on January 1, 2018, and at that retained the possibility of its pre-term use. Companies that have decided to apply the standard earlier should disclose this fact in the Notes to the Financial Statements in accordance with the requirements of paragraphs 30-31 of IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”.
At the same time, according to Art. 12-1 “Application of International Standards” of the Law on Accounting “international standards are applied for the preparation of financial statements, if they do not contradict this Law and are officially published on the website of the central executive body, which ensures the formation of public financial policy”. The very publication on the website of the Ministry of Finance of Ukraine for the “legalization” of IFRS in Ukraine is required by the current version of the Law on Accounting, as amended 16.10.2012. Thus, if the standard is not published on the website of the Ministry of Finance, its application is not possible in Ukraine. This applies to companies that make IFRS-reporting in a mandatory manner and officially report in accordance with IFRS. If IFRS-reporting is made for other purposes, publication on the Ministry of Finance website is not a mandatory requirement for the application or non-application of the standard, then the company must comply with the terms specified in the IFRS.
On June 30, 2017, IFRS 15 “Revenue from contracts with customers” was published on the website of the Ministry of Finance of Ukraine, so it can be used for IFRS reporting purposes, including companies that are required to report in accordance with IFRS.
Despite the fact that the effective date for the first application of IFRS 15 “Revenue from contracts with customers” is January 1, 2018, you should not delay but start preparing for the application of the new standard since it introduces many innovations into accounting practice of all companies.