Notes from the July IFRS Interpretations Committee meeting
Jul 11, 2012
Deloitte observer notes are now available from the IFRS Interpretations Committee meeting held in London on 10 July 2012. The Committee continued its consideration of non-monetary contributions to associates or joint ventures, reviewed a number of examples illustrating the classification of cash flows, and considered whether amendments are required to IFRS 3 in relation to continuing employment. The Committee also considered whether to undertake projects on regulatory assets and liabilities (deciding against) and accounting for contribution based promises under IAS 19 (to be further considered), and also considered a number of other issues.
A full listing of all of the topics discussed at the meeting follows (click through to access detailed Deloitte observer notes for each topic):
Tuesday, 10 July 2012 (10:00-16:15)
Items for continuing consideration
- IAS 27 Consolidated and Separate Financial Statements and SIC-13 Jointly Controlled Entities — Non-monetary Contributions by Venturers — Accounting for the loss of control of a group of assets or a subsidiary between an investor and its associate or joint venture
- IAS 7 Statement of Cash Flows — Examples illustrating the classification of cash flows
- IAS 18 Revenue, IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IAS 39 Financial Instruments: Recognition and Measurement — Regulatory assets and liabilities
- IFRS 3 Business Combinations — Continuing employment
Review of tentative agenda decisions published in March IFRIC Update
- IAS 1 Presentation of Financial Statements and IAS 12 Income Taxes — Presentation of non-income taxes
New items for initial consideration
- IAS 19 Employee Benefits — Accounting for contribution based promises
- IAS 39 Financial Instruments: Recognition and Measurement — Determining the effect interest rate of restructured Greek Government Bonds
Click here to go to the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.