From www.lowelippmann.com.au: The IASB has completed its Post-Implementation Review of IFRS 15, concluding that the five-step model has enhanced comparability in financial reporting, although challenges remain in specific sectors regarding complex contracts.

No major amendments to IFRS 15 are anticipated, but ongoing monitoring may lead to clarifications that support better application of the standard.

Clients are encouraged to regularly review their sales contracts to ensure compliance with AASB 15 requirements, particularly for those in the not-for-profit sector, where the PIR regarding AASB 1058 is still in progress but unlikely to result in significant changes.