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IFRS Interpretations Committee meeting – 17-18 January 2012

Start date:

End date:

Location: London

 

Agenda for the meeting

Tuesday 17 January (10:00h-18:15h)

Active Committee projects

  • IAS 32 Financial Instruments: Presentation — Put options written over non-controlling interests
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IFRIC 6 Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment — Levies charged for participation in a specific market – date of recognition of liability

Review of Tentative Agenda Decisions published in November 2011 IFRIC Update

  • IAS 19 Employee Benefits — Definition of termination benefits

Items for continuing consideration

  • IFRS 11 Joint Arrangements — Acquisition of interest in joint operation
  • IAS 28 Investments in Associates — Share of other changes in equity
  • IFRIC 12 Service Concession Arrangements — Payments made by an operator in a service concession arrangement
  • IAS 33 Earnings per Share — Calculating EPS with non-cumulative preference dividends

Wednesday 18 January (09:00h-14:55h)

Annual improvements – Comment letter analysis on June 2011 exposure draft

  • IFRS 1 First-time Adoption of International Financial Reporting Standards — Repeated application of IFRS 1
  • IFRS 1 First-time Adoption of International Financial Reporting Standards — Borrowing costs relating to qualifying assets for which the commencement date for capitalisation is before the date of transition to IFRSs
  • IAS 1 Presentation of Financial Statements — Clarification of the requirements for comparative information
  • IAS 16 Property, Plant and Equipment — Classification of servicing equipment
  • IAS 32 Financial Instruments: Presentation — Tax effect of distribution to holders of equity instruments
  • IAS 34 Interim Financial Reporting — Interim financial reporting and segment information for total assets

New items for initial consideration

  • IAS 2 Inventories — Long-term prepayments for inventory supply contracts
  • IAS 41 Agriculture — Disclosure of the components of changes in fair value and associates valuation techniques
  • IAS 28 Investments in Associates and SIC 13 Jointly Controlled Entities — Non-Monetary Contributions by Venturers — Definition of the term 'non-monetary asset' in SIC 13 and IAS 28 (2011)

Administrative session

  • Committee work in progress

Related Discussions

  • IAS 32 — Put options written over non-controlling interests

    Jan 17, 2012

    The IFRS Interpretations Committee continued its discussions on how changes in the value of a put option over non-controlling interests should be accounted for. The Committee tentatively agreed to move forward with the development of application guidance.

  • IAS 19 — Definition of termination benefits

    Jan 17, 2012

    The IFRS Interpretations Committee agreed to finalise an agenda decision on the classification of bonus payment benefits in 'Altersteilzeit' plans (ATZ plans) in Germany, following the issuance of IAS 19 'Employee Benefits' (as issued in June 2011).

  • IFRS 11 — Acquisition of interest in joint operation

    Jan 17, 2012

    The IFRS Interpretations Committee asked the staff to develop a possible amendment to IFRS 11 'Joint Arrangements' effectively saying if the acquisition of an interest in a joint operation constitutes a business under IFRS 3, IFRS 3 should be applied in the accounting for the acquisition of interests in jointly controlled operations or assets.

  • IAS 28 — Application of the equity method when an associate's equity changes outside of comprehensive income

    Jan 17, 2012

    The IFRS Interpretations Committee continued their debate of how and investor should account for its share of changes in the net assets of an investee that are not recognised in net profit or other comprehensive income of the investee. The Committee asked that the staff develop examples illustrating how to account for employee share-based payments of an investee, as well as accounting for shareholder's equity of an investee.

  • Annual improvements — comment letter analysis

    Jan 18, 2012

    The IFRS Interpretations Committee met to redeliberate and decide on the Committee's revised recommendations on the Improvements to International Financial Reporting Standards (ED), discussing issues related to IFRS 1, IAS 1, IAS 16, IAS 32 (IAS 12) and IAS 34.

  • Annual improvements — comment letter analysis

    Jan 18, 2012

    The IFRS Interpretations Committee met to redeliberate and decide on the Committee's revised recommendations on the Improvements to International Financial Reporting Standards (ED), discussing issues related to IFRS 1, IAS 1, IAS 16, IAS 32 (IAS 12) and IAS 34.

  • IAS 28 and SIC-13 — Definition of the term 'non-monetary asset'

    Jan 18, 2012

    The IFRS Interpretations Committee considered a request to clarify the definition of the term “non-monetary asset” used in SIC-13 'Jointly Controlled Entities – Non-Monetary Contributions by Venturers' and IAS 28 (revised in 2011), and concluded that this issue would be best resolved by referring it to the IASB as part of a broader project on equity accounting.

  • Administrative session

    Jan 18, 2012

    The IFRS Interpretations Committee considered a summary of the current status of issues that are in progress but have yet to be discussed.