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IFRIC Update - July 14, 2015

Start date:

End date:

Location: London

On July 29, 2015, the IFRS Interpretations Committee released a summary of its July 14 meeting.

The following items were discussed:

Item on the current agenda:

  1. IFRS 11, Joint Arrangements—Should a pre-existing interest in a joint operation be remeasured when the entity becomes a joint operator through acquisition of an additional interest in the joint operation?

Deliberation of comments received on proposals for narrow scope amendments

  1. IFRS 2, Share-based Payment—Classification and measurement of share based payment transactions

Item recommended to the IASB for Annual Improvements

  1. IAS 23, Borrowing Costs—Borrowing costs on completed qualifying assets

Interpretations Committee tentative agenda decisions

  1. IAS 2, Inventories / IAS 38 Intangible Assets—Should interest be accreted on prepayments in long-term supply contracts?
  2. IAS 12, Income Taxes—Recognition through profit or loss of deferred taxes for temporary differences arising from the effect of exchange rate changes on the tax basis of non-current assets

Other matters

  1. Interpretations Committee work in progress update
  2. Review of IFRS Interpretations Committee’s activity during January–May 2015

Interpretations Committee agenda decision

  1. IFRIC 14, IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction: Should an entity assume continuation of a minimum funding requirement for contributions relating to future service?

Review the IFRIC Update.

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