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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.

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