BC504 During redeliberations of the transition requirements, the IASB considered whether to amend IFRS 1 First-time Adoption of International Financial Reporting Standards to allow a first-time adopter of IFRS to use the same transition methods for adopting IFRS 15 as specified in paragraph C3 of IFRS 15 as follows:

(a) retrospectively to each prior period presented in accordance with IAS 8, subject to the practical expedients in paragraph C5 of IFRS 15; and

(b) retrospectively with the cumulative effect of initially applying IFRS 15 recognised at the date of initial application (for a first-time adopter of IFRS, this would be the entity's first IFRS reporting period) in accordance with paragraphs C7-C8 of IFRS 15.