Influencing Global Standards: ICFOA’s Contribution to the IFRS 15 Review

At the International CFO Alliance (ICFOA), we take our role in shaping global financial standards seriously. Our recent submission to the IFRS Foundation’s Post-implementation Review (PIR) of IFRS 15 demonstrates our commitment to enhancing the financial reporting landscape for CFOs worldwide. Here’s a glimpse of our submission and how it benefits our members.

Summary of Our Submission to the IFRS 15 Review

Our response to the IFRS 15 PIR emphasized the following key points:

  1. General Success of IFRS 15: We acknowledged that IFRS 15 has largely achieved its objectives, particularly in improving the clarity and consistency of revenue reporting from customer contracts.
  2. Areas for Improvement: While recognizing the successes, we also identified areas needing improvement, including issues related to principal versus agent considerations, sales and lease-back transactions, and service concessions. We suggested that these could be addressed through additional guidance or limited scope amendments.
  3. Support for Convergence with ASC606: We strongly advocated for the continued alignment of IFRS 15 with ASC606, emphasizing the importance of this convergence for multinational companies and market actors who rely on comparable financial information.
  4. Detailed Feedback: Our submission included detailed feedback on specific sections of the IFRS 15, providing constructive insights based on the collective experience of our members.

How This Representation Assists Our Members

The International CFO Alliance (ICFOA) is not just a network of finance professionals; it’s a powerful voice in the global financial community. Recently, we submitted our insights to the IFRS Foundation’s Post-implementation Review of IFRS 15. This submission is a testament to our commitment to shaping financial reporting standards that impact CFOs and financial organizations worldwide. Here’s why these submissions are crucial and how they assist our member associations.

Why We Make Submissions: A Drive for Global Standards

Our response to the IFRS 15 review is part of our ongoing effort to ensure that international financial reporting standards reflect the practical realities and needs of CFOs globally. By providing feedback, we help develop standards that are not only robust and principled but also pragmatic and applicable across various international contexts.

A Collective Voice for National CFO Associations

When ICFOA submits feedback to international standard-setting bodies, we represent the collective voice of our member CFO associations. This unity strengthens our influence, ensuring that the perspectives and experiences of CFOs from different national jurisdictions are heard and considered. This collaborative approach empowers our members, giving them a say in the global financial reporting landscape.

Practical Impact: Enhancing Our Members’ Influence

Our involvement in shaping international standards directly benefits our member associations. By influencing these standards, we ensure they are conducive to the efficient functioning of financial markets, enhance transparency, and foster a culture of ethical financial practices. Our members, in turn, can be confident that they operate within a global framework that is responsive to their professional needs and challenges.

Conclusion: Shaping the Future of Financial Reporting

Our active participation in international financial discussions underscores our dedication to advancing the profession and contributing meaningfully to the global financial community. The ICFOA remains steadfast in its mission to represent and support CFOs around the world, driving forward a future where financial reporting is both globally standardized and locally relevant.

Download Submission

The International CFO Alliance (ICFOA) is a non-profit organization, classified as an “1901 association law“ entity, and is officially registered in France. It was established as a legal entity in 2023 and is recognized by the Directorate of Legal and Administrative Information (DILA). This status underscores our commitment to operating as a non-profit, dedicated to serving the interests of our members and the CFO profession globally.

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