In May 2014, the International Accounting Standards Board (IASB) issued IFRS 15. IFRS 15 will replace the previous revenue standards IAS 18 – Revenue and IAS 11 – Construction Contracts, and the related Interpretations on revenue recognition: IFRIC 13 –Customer Loyalty Programmes, IFRIC 15 – Agreements for the Construction of Real Estate, IFRIC 18 – Transfers of Assets from Customers and SIC-31 – Revenue—Barter Transactions Involving Advertising Services. IFRS 15 is effective for annual periods beginning on or after 1 January 2018.