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IFRS Interpretations Committee meeting — 13-14 November 2012

Start date:

End date:

Location: London

Agenda for the meeting

Tuesday, 13 November 2012 (10:00-17:45)

Introduction

Active Committee Projects

  • IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets, IFRIC 12 Service Concession Arrangements — Variable payments for the separate acquisition of PPE and intangible assets
  • IAS 19 Employee Benefits — Accounting for contribution based promises

Review of Tentative Agenda Decisions published in July IFRIC Update

  • IAS 39 Financial Instruments: Recognition and Measurement — Accounting for different aspects of restructuring Greek Government bonds
  • IAS 18 Revenue, IAS 37 Provisions, Contingent Liabilities and Contingent Assets, and IAS 39 Financial Instruments: Recognition and Measurement — Regulatory assets and liabilities

Items for continuing consideration

  • IFRS 3 Business Combinations — Accounting for reverse acquisition transactions where the acquiree is not a business
  • IAS 41 Agriculture and IFRS 13 Fair Value Measurement — Valuation of biological assets using a residual method
  • IAS 19 Employee Benefits — Measurement of the net DBO for post employee benefit plans with employee contributions

Due Process Documents

Annual Improvements

  • IFRS 8 — Aggregation of operating segments
  • IFRS 8 — Reconciliation of the reportable segments' assets to the entity's assets
  • IFRS 13 — Short-term receivables and payables
  • IAS 12 — Recognition of deferred tax assets for unrealised losses

New Items for initial consideration

  • IAS 10 Events after the Reporting Period — Reissue of financial statements
  • IAS 34 Interim Financial Reporting — Disclosure of information "elsewhere in the interim financial report"

Wednesday, 14 November 2012 (09:00-15:25)

Due Process Documents

  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IFRIC 6 Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment — IFRIC Interpretation X Levies

New items for initial consideration

  • IAS 1 Presentation of Financial Statements — Disclosures requirements about assessment of going concern
  • IAS 19 Employee Benefits — Determination of discount rate
  • IFRS 2 Share-based Payment — Timing of recognition of liability
  • IFRS 3 Business Combinations — Mandatory purchase of NCI in BC obtaining control of listed entity

 

Agenda papers from this meeting are available on the IASB's website.


Related Discussions

  • IAS 19 — Accounting for contribution- based promises

    Nov 13, 2012

    The Committee discussed its views on two measurement issues for plans that would fall within the scope of accounting for contribution-based promises. The two issues were (1) the discount rate used to present value the employee benefit obligations and (2) measurement of ‘higher of options’ in the plans.

  • IAS 39 — Accounting for different aspects of restructuring Greek Government bonds

    Nov 13, 2012

    The staff discussed three comment letters received in response to the tentative agenda decision. Two of the comment letters supported the Committee’s decision not to add this issue to its agenda for the reasons provided in the tentative agenda decision, while the last letter supported the tentative agenda decision but requested some amendments to the wording of the agenda decision.

  • IAS 18, IAS 37 and IAS 39 — Regulatory assets and liabilities

    Nov 13, 2012

    The staff discussed two comment letters on the Committee's decision not to add a request to clarify whether a regulatory assest or regulatory liability should be recognised when a regulated entity is permitted to recover costs or required to refund some amounts, independently of the delivery of future services, to its agenda. Both comment letters supported the Committee's decision, although one of the letter’s was contingent on the IASB giving priority to developing standards-levels proposals for rate-regulated activities.

  • IAS 41 and IFRS 13 — Valuation of biological assets using a residual method

    Nov 13, 2012

    The Committee staff summarised the discussions of the IASB and IFRS Advisory Council, which was consistent with their request at the September 2012 meeting. The staff decided not to add this issue to the Committee's agenda on the basis that the IASB tentatively decided to undertake a limited-scope project on IAS 41 to address the accounting for bearer biological assets.

  • Due process documents — annual improvements

    Nov 13, 2012

    The Committee discussed the due process documents for IFRS 8 (Aggregation of operating segments / Reconciliation if the reportable segments' assets to the entity's assets), IFRS 13 (Short-term receivables and payables), and IAS 12 (Recognition of deferred tax assets for unrealised losses).

  • IAS 10 — Reissue of financial statements

    Nov 13, 2012

    The Committee discussed the accounting implications of applying IAS 10 when previously issued financial statements are reissued in connection with an offering document.

  • IFRS Interpretations Committee work in progress

    Nov 13, 2012

    The staff provided the Committee with an update on the current status of issues that are in progress but not to be discussed during the Committee’s November 2012 meeting. The Committee deferred work on five new issues and five outstanding issues.

  • IAS 1 — Disclosures requirements about assessment of going concern

    Nov 14, 2012

    The Committee discussed the staff's recommendations that (a) other matters raised on this topic are too broad to be addressed by the interpretations Committee and (b) that the staff limit their discussions to two areas about the disclosure of material uncertainties about the going concern assessment—(i) when those uncertainties should be disclosed and (ii) what should be disclosed about those uncertainties.

  • IFRS 2 — Timing of recognition of liability

    Nov 14, 2012

    The Committee received a request to clarify when a liability for intragroup recharges made in respect of share-based transactions should be recognised in the financial statements of the subsidiary. The Committee deferred discussion of this topic for a future meeting.