IFRIC Update - June 13, 2017

Start date:

End date:

Location: London

On June 21, 2017, the IFRS Interpretations Committee released a summary of its June 13, 2017 meeting.

The following items were discussed:

Items on the current agenda

  • IFRS 9 Financial Instruments—Modification or exchange of financial liabilities that do not result in derecognition
  • IAS 23 Borrowing costs—Borrowing costs on completed qualifying assets

Committee’s tentative agenda decisions

  • IFRS 3 Business Combinations—Acquisition of a group of assets that does not constitute a business
  • IAS 28 Investments in Associates and Joint Ventures—Acquisition of an associate or joint venture from an entity under common control
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets—Costs considered in assessing whether a contract is onerous
  • IAS 38 Intangible Assets—Goods acquired for promotional activities

Committee’s agenda decisions

  • IAS 19 Employee Benefits—Discount rate in a country that has adopted another country’s currency
  • IAS 32 Financial Instruments: Presentation—Centrally cleared client derivatives
  • IAS 33 Earnings per Share—Tax arising from payments on participating equity instruments
  • IAS 41 Agriculture—Biological assets growing on bearer plants

Other matters

  • IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors— Accounting policy changes resulting from agenda decisions
  • Committee work in progress

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

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