IFRS 15 – the seventh wave of Norwalk Agreement’s convergence Roadmap

Successful accounting convergence Program was outlined in September 2002 when Norwalk Agreement was issued. US FASB and UK IASB agreed to develop high-quality financial reporting standards and pledged to use their best efforts for achieving fully compatible standards. Once achieved, this compatibility is maintained through future work programme’s coordination. The seventh Roadmap’s 2006-2008 objective was establishing Revenue recognition as one of the most complex convergence process’s topics. In this context, in May 2014 appeared IFRS 15 Revenues for contracts with customers. The implementation was set on or after 1 January 2018. Based upon the IFRS Foundation desideratum to advance an exclusive high-class, comprehensible, globally applicable and acknowledged set of financial script guidelines for the public benefit, based on clearly articulated principles, the present study attempts to analyse the role and the place of IFRS 15 related not only to convergence programme’s objectives. Consistent with this approach, we find some opportunities and challenges, also research perspectives in the scope of accomplishing a better understanding of this processes.