IFRIC Update - March 22, 2016

Start date:

End date:

Location: London

On April 6, 2016, the IFRS Interpretations Committee released a summary of its March 22 meeting.

The following items were discussed:

Items on the current agenda:

  • IFRS 9 Financial Instruments and IAS 28 Investments in Associates and Joint Ventures—Measurement of long-term interests
  • IAS 16 Property, Plant and Equipment—Accounting for proceeds and costs of testing of PPE
  • IAS 20 Accounting for Government Grants and Disclosure of Government Assistance—Accounting for recoverable cash payments
  • IFRIC 12 Service Concession Arrangements—Accounting for service concession arrangements for which the infrastructure is leased

Item recommended to the Board to address through an amendment:

  • IAS 12 Income Taxes—Accounting for income tax consequences of payments on financial instruments classified as equity

Interpretations Committee’s tentative agenda decisions:

  • IFRS 11 Joint Arrangements and IFRS 10 Consolidated Financial Statements—Accounting for loss of control transactions

Interpretations Committee’s agenda decisions:

  • IFRS 9 Financial Instruments—Determining hedge effectiveness for net investment hedges
  • IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets—Variable payments for asset purchases
  • IAS 32 Financial Instruments: Presentation—Classification of liability for a prepaid card in the issuer’s financial statements
  • IAS 32 Financial Instruments: Presentation—Offsetting and cash-pooling arrangements

Other matters:

  • Issues on the March 2016 meeting agenda postponed to a future Interpretations Committee meeting
  • Interpretations Committee work in progress update
  • Interpretations Committee review of 2015 activity

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

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.