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IFRS Interpretations Committee meeting – 7-8 July 2011

Start date:

End date:

Location: London

About meeting notes

Agenda for the meeting

Thursday 7 July (10:00h-17:30h)

Active Committee projects

  • IAS 16 Property, Plant and Equipment – Accounting for production phase stripping costs in the mining industry

Items for continuing consideration

  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IFRIC 6 Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment – Use of IFRIC 6 by analogy

Review of Tentative Agenda Decisions published in May IFRIC Update

  • IAS 16 Property, Plant and Equipment – Cost of testing asset
  • IAS 19 Employee Benefits – Defined contribution plans with vesting conditions

New items for initial consideration

  • IFRS 3 Business Combinations – Common control transactions and business combinations involving newly formed entities
  • IAS 27 Consolidated and Separate Financial Statements – Group reorganisations in separate financial statements
  • IFRS 3 Business Combinations – Definition of a business

 

Friday 8 July (09:00h-10:45h)

New items for initial consideration (continued)

  • IFRS 11 Joint Arrangements – Acquisition of an interest in a joint operation
  • IFRS 8 Operating Segments – Aggregation of operating segments and identification of the chief operating decision maker

Administrative session

  • Committee work in progress
  • Review of statistics of the Committee's activity

 


Related Discussions

  • IAS 16 – Cost of asset testing (finalised)

    Jul 07, 2011

    The IFRS Interpretations Committee confirmed its decision not to take onto its agenda a request to clarify the accounting for sales proceeds received from testing an asset before it is ready for its intended use.

  • IFRS 3 – Business combinations under common control (new)

    Jul 07, 2011

    The IFRS Interpretations Committee considered a request for guidance on business combinations under common control involving a fact pattern that illustrated a type of a common control transaction in which an entity transfers a business into a new entity ("Newco").

  • IAS 27 – Group reorganisations in separate financial statements (new)

    Jul 07, 2011

    The IFRS Interpretations Committee received a request for clarification on how entities that are established as new intermediate parents within a group determine the cost of their investments in subsidiaries when they account for these investments in their separate financial statements at cost under IAS 27.

  • IFRS 3 – Definition of a business (new)

    Jul 07, 2011

    The IFRS Interpretations Committee considered a request for clarification on whether an asset with relatively simple associated processes meets the definition of a business in accordance with IFRS 3 'Business Combinations'.

  • IFRS 11 – Acquisition of interest in a joint operation (new)

    Jul 08, 2011

    The IFRS Interpretations Committee considered a request to clarify the accounting by venturers for the acquisition of interests in joint operations when the activities and assets underlying the jointly controlled operations or assets, or the joint operation, constitute a business.

  • Administrative session

    Jul 08, 2011

    The IFRS Interpretations Committee reviewed its work in progress, including forthcoming issues on IAS 12/IAS 40 and IFRIC 15, and also considered a summary of its activity over the past three and a half years.