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IFRS Interpretations Committee meeting — 18-19 September 2012

Start date:

End date:

Location: London

About meeting notes

Agenda for the meeting

Tuesday, 18 September 2012 (10:00-17:15)

Introduction

Active Committee Projects

  • IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets, IFRIC 12 Service Concession Arrangements— Contingent pricing of PPE and intangible assets

Items for continuing consideration

  • IFRS 3 Business Combinations — Continuing employment
  • IAS 19 Employee Benefits — Accounting for contribution based promises
  • 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 with employee contributions
  • IAS 27 Separate Financial Statements — Non-cash acquisition of non-controlling interest

Review of tentative agenda decisions published in May IFRIC Update

  • IAS 39 Financial Instruments: Recognition and Measurement — Accounting for different aspects of restructuring Greek Government Bonds
  • IAS 19 Employee Benefits — Accounting for contribution based promises
  • IAS 16 Property, Plant and Equipment, IAS 38 Intangible Assets and
    IAS 17 Leases — Purchase of right to use land

Wednesday, 19 September 2012 (09:00-12:15)

New items for initial consideration

  • IAS 28 Investments in Associates and Joint Ventures — Impairment of investments in associates in separate financial statements
  • IAS 40 Investment Property — Accounting for telecommunication tower
  • IAS 39 Financial Instruments: Recognition and Measurement — Presentation of income and expense
  • IFRS 3 Business Combinations — Accounting for reverse acquisition transactions where the acquiree is not a business

Administrative session

  • Committee work in progress

 

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


Related Discussions

  • IAS 16 and IAS 38 — Contingent pricing of property, plant and equipment and intangible assets

    Sep 18, 2012

    The committee discussed (1) whether the characteristics of contingent payments for the separate purchase of property, plant and equipment and intangible assets are similar to the characteristics of variable payments in leases, (2) what IFRS amendments would be required to enable the accounting for contingent payments for the separate acquisition of property, plant and equipment and intangible assets to be consistent with the principles in the leases project, and (3) whether the accounting for contingent payments in IFRS 3 'Business Combinations' can be applied by analogy to the accounting for contingent payments as an alternative to the principles in the leases project.

  • IFRS 3 — Continuing employment

    Sep 18, 2012

    The staff recommended that the Committee not add business combinations to its agenda until the post-implementation review of the FASB standard was complete, to avoid creating divergence with the wording of US GAAP on a standard that had previously achieved convergence.

  • IAS 19 — Accounting for contribution based promises

    Sep 18, 2012

    The staff summarised outreach performed to gather information about the types of plans the Committee should consider in its reassessment of IFRIC Draft Interpretation D9 'Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions'.

  • IAS 27 — Non-cash acquisition of non-controlling interest

    Sep 18, 2012

    The staff were of the opinion that there was no conflict between IAS 27 and IFRIC 17 as they deal with different things. The staff recommended that the Committee should not take this issue onto its agenda. They also proposed a tentative agenda decision for the Committee to review. The Committee tentatively agreed with the staff’s recommendation and conclusions and suggested only minor amendments to the wording of the tentative agenda decision.

  • IAS 16, IAS 38 and IAS 17 — Purchase of right to use land

    Sep 18, 2012

    The staff discussed a request for clarification on the purchase of a right to use land and whether it should be accounted for as a purchase of property, plant and equipment, a purchase of an intangible asset or a lease of land.

  • IAS 39 - Presentation of income and expense

    Sep 19, 2012

    The Committee discussed the ramifications of the economic phenomenon of negative interest rates on the presentation of income and expenses in the statement of comprehensive income.

  • Administrative matters — IFRS Interpretations Committee work in progress

    Sep 19, 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 September 2012 meeting. The Committee deferred work on four new issues and four on-going issues which will be discussed at future meetings.