IFRS 15 establishes the principles for reporting useful information regarding the amount, nature, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The new standard also requires such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles-based, five-step model to be applied to all contracts with customers and supersedes all existing revenue guidance under IFRS. On July 22, 2015, the IASB met and confirmed its proposal to defer the effective date of IFRS 15 by one year. Accordingly, entities will apply IFRS 15 for annual reporting periods beginning on or after January 1, 2018. Early application of the standard continues to be permitted. The IASB plans to issue the amendment regarding the effective date of IFRS 15 in September 2015.