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IFRIC update (IASB only)

Date recorded:

Update from the last meeting

The staff presented the IFRS Interpretations Committee’s (the “Committee”) January 2013 IFRIC Update newsletter, providing an update of the issues discussed at the 22-23 January 2013 Committee meeting.

The staff highlighted to the IASB the items on the Committee’s current agenda, finalised agenda decisions, tentative agenda decisions that are out for comment, issues considered for Annual Improvements, issues recommended for narrow scope amendments and other work in progress.

One item outlined in the IFRIC Update newsletter pertained to the Committee’s discussion of its draft interpretation on the accounting for put options written on non-controlling interests in the parent’s consolidated financial statements (NCI put). One Board member noted that the Board’s discussion of the Conceptual Framework this week may have a consequential impact on the tentative conclusions reached on the NCI put project and questioned if the projects should be integrated. The Committee Chair suggested that the projects should not be integrated given the early stage of the Conceptual Framework. Many Board members supported this view.

The IASB Vice-Chair, noting the quantity and diversity of topics discussed at the January 2013 Committee meeting, questioned whether Committee resources were sufficient to meet the pipeline of interpretation issues raised to the Committee. The Committee Chair acknowledged the laborious nature of the January meeting. However, his more pressing concern was whether the IASB would be equipped to act timely in response to issues raised by the Committee for consideration by the Board (acknowledging that the Committee is generally afforded significantly more time to discuss a topic relative to the Board). The IASB Chair noted that the Board takes comfort that the Committee is provided adequate time to deliberate issues before being raised to the Board.

No other significant concerns were raised to the content included in the IFRIC Update newsletter.