BC1 This Basis for Conclusions summarises the joint considerations of the International Accounting Standards Board (IASB) and the US national standard-setter, the Financial Accounting Standards Board (FASB), in reaching the conclusions in their standards, IFRS 15 Revenue from Contracts with Customers and Topic 606, which is introduced into the FASB Accounting Standards Codification® by the Accounting Standards Update 2014-09 Revenue from Contracts with Customers. It includes the reasons for accepting particular views and rejecting others. Individual Board members gave greater weight to some factors than to others.
BC1A In April 2016, the IASB issued Clarifications to IFRS 15 Revenue from Contracts with Customers. The objective of these amendments is to clarify the IASB's intentions when developing the requirements in IFRS 15 but not to change the underlying principles of IFRS 15. Further details are contained in paragraphs BC27A-BC27H. In some cases, the boards made the same amendment
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