Accounting delay

Proposals to push back by 12 months the implementation dates for new international accounting standards covering revenue recognition will have implications for many companies, including the shipping industry. The International Accounting Standards Board (IASB) has tentatively decided to defer implementation of the IFRS 15 standard, “Revenue from Contracts with Customers”. It is extremely likely the new standard will apply only for accounting periods beginning on or after 1 January 2018. Before ratifying the decision, the IASB is proposing to issue a narrow-scope exposure draft with a response period of at least 30 days, and an intention to finalise by July 2015.