IFRIC 15 – Clarification of the meaning of continuous transfer
Several times during 2011 the Committee discussed requests for clarification of the notion of continuous transfer or a good. During the November 2011 meeting, the Committee referred the topic to the Board for direction. The Board discussed this topic in February 2012 and the Board had varying views. Some thought that agenda paper 5A from the Committee’s November meeting should be included in a revised IFRIC 15 as an example to illustrate the application, but a majority did not support this inclusion.
The Board’s advice to the Committee is to retain IFRIC 15 as drafted and the Board noted that a careful assessment needs to be made of the facts and circumstances of individual transactions when applying IFRIC 15.
The Committee had no comments or deliberations on this topic following the staff summary.