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IFRS Interpretations Committee meeting – 5-6 May 2011

Start date:

End date:

Location: London

About meeting notes

Agenda for the meeting

Thursday 5 May 2011 (10:00h-17:45h)

  • Introduction
  • Active Committee projects
    • IAS 16 Property, Plant and Equipment – Accounting for production phase stripping costs in the mining industry
    • IAS 16 Property, Plant and Equipment – Contingent pricing of property, plant and equipment and intangible assets
  • Items for continuing consideration
    • IFRIC 15 Agreements for the Construction of Real Estate – Clarification of meaning of continuous transfer
  • New items for initial consideration
    • IFRS 8 Operating Segments – Reconciliation of segment assets in IFRS 8
    • IAS 7 Statement of Cash Flows – Classification of interest paid that is capitalised
    • IFRS 2 Share-based Payment – Modifications that affect classification of the award
    • IAS 16 Property, Plant and Equipment – Revaluation method — proportionate restatement
    • IAS 16 Property, Plant and Equipment – Cost of testing asset — element of cost

 

Friday 6 May (09:00h-14:15h)

  • New items for initial consideration (continued)
    • IAS 19 Employee Benefits Defined contribution plans with vesting conditions
    • IAS 27 Consolidated and Separate Financial Statements Contributions to a jointly-controlled entity or associate
    • IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IFRIC 6 Liabilities arising from Participating in a Specific Market — Waste Electrical and Electronic Equipment: Recognition of a Liability
    • IAS 28 Investment in Associates: Equity Method
  • Administrative session - Committee work in progress

 


Related Discussions

  • Introduction

    May 05, 2011

    The IFRS Committee approved the minutes for their March 2011 meeting.

  • IAS 16 – Accounting for production phase stripping costs in the mining industry

    May 05, 2011

    The IFRS Interpretations Committee considered a revised draft Interpretation on this topic and discussed: (1) the recognition principle (2) the method of allocating costs between current and future periods (3) impairment (4) transition (5) the treatment of existing stripping costs assets (6) removal of the illustrative example

  • IFRIC 15 – Clarification of meaning of continuous transfer

    May 05, 2011

    The IFRS Interpretations Committee considered the meaning of 'continuous transfer' under IFRIC 15 'Agreements for the Construction of Real Estate'. The Committee decided to not add this issue to the agenda but instead proposed to defer any further discussion until the revenue recognition project is complete.

  • IAS 7 – Classification of interest paid that is capitalised (new)

    May 05, 2011

    The IFRS Interpretations Committee agreed to propose an annual improvement to clarify that capitalised interest should be classified as an investing activity in the statement of cash flows under paragraph 16 of IAS 7 'Statement of Cash Flows' except for interest capitalised into inventory which should be classified as an operating activity.

  • IAS 16 – Cost of testing (new)

    May 05, 2011

    The IFRS Interpretations Committee considered a request to clarify the accounting for sales proceeds received from testing an asset before it is ready for its intended use.

  • IAS 27 – Contributions to a jointly controlled entity or an associate (new)

    May 06, 2011

    The IFRS Interpretations Committee considered a question focused on when a parent loses control over a subsidiary and that subsidiary becomes part of a jointly controlled entity or an associate, does the parent recognise the full gain or loss resulting from the transaction (the IAS 27 approach) or only to the extent of the interests of the other equity holders in the jointly controlled entity or associate (SIC-13 approach).

  • IAS 37/IFRIC 6 – Levies charged for participation in a market on a specified date (new)

    May 06, 2011

    The IFRS Interpretations Committee received a request for clarification about whether IFRIC 6 'Liabilities arising from Participating in a Specific Market — Waste Electrical and Electronic Equipment' should be applied by analogy to other levies charged for participation in a market on a specified date to identify the event that gives rise to a liability.

  • IAS 28 – Application of the equity method (new)

    May 06, 2011

    The IFRS Interpretations Committee considered the issue of how changes in the net assets of an investee should be recognised by the investor under IAS 28 'Investments in Associates'.