BC456 As explained in paragraphs BC2-BC3, the boards developed IFRS 15 to eliminate the inconsistencies and weaknesses in previous revenue recognition requirements and to improve disclosure requirements related to revenue. However, throughout the project, many preparers and some users of financial statements explained that they did not perceive significant weaknesses in previous revenue recognition requirements. Therefore, those preparers and users questioned whether the benefits of applying a new revenue standard would justify the costs of implementing that standard.
BC457 To gain insight on the likely effects of IFRS 15, the boards conducted extensive consultation with interested parties through the formal exposure of the proposals and outreach activities. This consultation included three formal exposure documents - a Discussion Paper and two Exposure Drafts - in response to which the boards received and assessed more than 1,500 comment letters. Over the course of the project, the bo
…