Proposed IFRIC Interpretation: Transfers of Assets from Customers
The staff proposed that IFRIC 18 Transfers of Assets from Customers should have an effective date of 1 July 2009 instead 1 May 2009. Because earlier application is permitted, an effective date of 1 July 2009 would prevent entities from using hindsight to determine fair values. Staff also proposed to include words that would require that transfers of assets from customers be measured using information that existed and was known at the time the transfers have occurred.
The Board agreed.