The Board received an IFRIC update. Notes from IFRIC Meetings are available on IASPlus.
In this session, the Board were presented with a proposed amendment to paragraph 3 of the proposed interpretation on Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies. This amendment clarifies that non-monetary items that have been revalued need only be remeasured from the date of revaluation. The Board voted on and agreed with this amendment.