Foreign currency transactions and advance consideration - IFRIC

Date recorded:

At its meeting on July 12, 2016, the IFRIC completed its discussion of the more significant matters raised in comment letters to the draft Interpretation, and reviewed the due process steps taken in the development of the Interpretation. The IFRIC tentatively decided: (a) the effective date of the Interpretation should be January 1, 2018, with earlier application permitted; and (b) first-time adopters should be permitted to apply the Interpretation prospectively to all assets, expenses and income initially recognized on or after the date of transition to IFRS Standards. The Interpretations Committee also tentatively decided that it has completed the necessary due process for the project and gave the staff permission to start the balloting process. The staff will begin the balloting process for the Interpretation. The Board is expected to ratify the Interpretation in the fourth quarter of 2016.

Review the IFRIC Update on the IASB's Web site.

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