The TRG informed the International Accounting Standards Board (Board) and the Financial Accounting Standards Board (FASB) about potential implementation issues that could arise when entities implemented the new Standard.
The TRG periodically met in public to discuss potential issues arising from the implementation of the new revenue recognition Standard (IFRS 15/ASU Topic 606). Issues could be submitted by any stakeholder based on the issue submission guidelines.
The Board and FASB staff evaluated each submission and prioritised the issues for discussion at TRG meetings. Meeting agenda and discussion summaries and a log of the submissions made to the TRG, cross referenced to TRG, the Board and FASB board agenda papers and the TRG meeting summaries, have been posted on the meetings page.
During the meetings, the TRG members shared their views on the issues. The TRG did not issue guidance. After each meeting, the Board and the FASB determined what action, if any, was to be taken on each issue.
On 21 January 2016, the Board announced that it had completed its decision making on the clarifications to IFRS 15, and that it does not plan to schedule further meetings of the IFRS constituents of the TRG. The Board issued Clarifications to IFRS 15 in April 2016.
IFRS 15 became effective on 1 January 2018, and as a result the work of the IFRS constituents of the TRG is now complete.