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IFRIC meeting — 5-6 November 2009

Start date:

End date:

Location: London

About meeting notes

Agenda for the meeting

Thursday 5 November 2009 (10:00-17:30)

Introduction

Active Committee projects

  • IAS 16 Property, Plant and Equipment — Accounting for stripping costs in the production phase
  • IAS 32 Financial Instruments: Presentation — Debt to Equity Swap IFRIC D25 — Comment letter analysis

Review of Tentative Agenda Decisions published in September 2009 IFRIC Update

  • IAS 23 Borrowing Costs — Meaning of 'general borrowings'
  • IFRS 5 Non-current Assets Held for Sale and Discontinued Operations — Write down of a disposal group
  • IFRS 3 Business Combinations — Measurement of NCI
  • IFRS 3 Business Combinations — Un-replaced and voluntarily replaced share-based payment awards

Staff recommendations for Tentative Agenda Decisions

  • IAS 39 Financial Instruments: Recognition and Measurement — Unit of account for forward contracts with volumetric optionality
  • IAS 38 Intangible Assets — Amortisation method
  • IFRS 2 Share-based Payment — Where manner of settlement is contingent on future events
  • IFRS 2 Share-based Payment — Measurements of employee share-based transactions with cash alternatives
  • IAS 27 Consolidated and Separate Financial Statements — Presentation of comparatives when applying the 'pooling of interests' method
  • IAS 27 Consolidated and Separate Financial Statements — Combined financial statements and redefined reporting entities
  • IAS 18 Revenue — Receipt of a dividend of treasury shares
  • IFRS 4 Insurance Contracts and IAS 32 Financial Instruments: Presentation — Scope issue for investments in REITs
  • IAS 32 Financial Instruments: Presentation — 'Fixed for fixed' condition

Friday 6 November 2009 (09:00-11:00)

Active Committee projects

  • IAS 16 Property, Plant and Equipment — Accounting for stripping costs in the production phase (tentative agenda decision)

Administrative session

  • IFRIC work in progress

 

The Deloitte observer notes from this meeting are available here.


Related Discussions

  • IAS 32 — Debt to equity swaps

    Nov 05, 2009

    The IFRIC deliberated comment letters received to IFRIC Draft Interpretation D25 'Extinguishing Financial Liabilities with Equity Instruments'.

  • IAS 38 — Amortisation method

    Nov 05, 2009

    The IFRIC received two requests for guidance on the meaning of 'consumption of economic benefits' of an intangible asset with a finite useful life. The staff explained that the requests are similar to questions raised in March 2008 and can be rephrased as whether the pattern of consumption of economic benefits should reflect values (for example, revenue) or only quantities (units).

  • IFRS 4 and IAS 32 — Scope issue for investments in REITs

    Nov 05, 2009

    IFRIC considered the liability/equity classification of financial instruments with specific features issued by Real Estate Investment Trusts (REITs), specifically whether a contractual obligation to distribute 90% of distributable profit is a guaranteed benefit (as defined in IFRS 4) and, therefore, these investments should be accounted in accordance with IFRS 4.

  • IAS 32 — 'Fixed for fixed' condition

    Nov 05, 2009

    The IFRIC resumed its debate on more general 'fixed for fixed' condition in IAS 32. The staff presented a comprehensive overview of questions received on classification of financial instruments divided in two broad categories: foreign currency situations and pre-determined condition situation.

  • Administrative session

    Nov 06, 2009

    The IFRIC coordinator gave a brief update on the progress of IFRIC activities.