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IFRIC Update - March 13, 2018

Start date:

End date:

Location: London

On March 23, 2018, the IFRS Interpretations Committee released a summary of its March 13, 2018 meeting.

The following items were discussed:

Items on the current agenda

  • Deferred tax – tax base of assets and liabilities (IAS 12, Income Taxes)
  • Costs considered in assessing whether a contract is onerous (IAS 37, Provisions, Contingent Liabilities and Contingent Assets)
  • Payments relating to taxes other than income tax (IAS 37, Provisions, Contingent Liabilities and Contingent Assets)

Committee’s tentative agenda decisions

  • Classification of a particular type of dual currency bond (IFRS 9, Financial Instruments)
  • Hedge accounting with load following swaps (IFRS 9, Financial Instruments and IAS 39, Financial Instruments—Recognition and Measurement)
  • Classification of short-term loans and credit facilities (IAS 7, Statement of Cash Flows)

Committee’s agenda decisions

  • Presentation of interest revenue for particular financial instruments (IFRS 9, Financial Instruments and IAS 1, Presentation of Financial Statements)
  • Revenue recognition in a real estate contract (IFRS 15, Revenue from Contracts with Customers)
  • Revenue recognition in a real estate contract that includes the transfer of land (IFRS 15, Revenue from Contracts with Customers)
  • Right to payment for performance completed to date (IFRS 15, Revenue from Contracts with Customers)

Other matters

  • Responding to questions submitted
  • Committee work in progress

Review the IFRIC Update on the International Accounting Standards Board's Web site.

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