IFRIC Update
Date recorded:
The IFRIC Coordinator presented a brief update on IFRIC activities, noting that the IFRIC recently finalised several tentative agenda decisions and issue several new ones.
The revised versions of IFRS 3 Business Combinations and IAS 27 Consolidated and Separate Financial Statements issued in January 2008 have created some confusion amongst constituents on the application of IAS 28 Investments in Associates. The IFRIC Coordinator noted that these IAS 28 application issues will be brought back at a future meeting as a package.
The Board was further informed that the IFRIC does not have any new Interpretations on its agenda at the moment.