IFRIC Update - June 12, 2018
Start date:
End date:
Location: London
On June 21, 2018, the IFRS Interpretations Committee released a summary of its June 12, 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)
Committee’s tentative agenda decisions
- Determination of the exchange rate when there is a long-term lack of exchangeability (IAS 21 The Effects of Changes in Exchange Rates)
- Expenditures on a qualifying asset (IAS 23 Borrowing Costs)
- Borrowing costs on land (IAS 23 Borrowing Costs)
Committee’s agenda decisions
- Classification of short-term loans and credit facilities (IAS 7 Statement of Cash Flows)
Other matters
- Proceeds before intended use (IAS 16 Property, Plant and Equipment)
- Committee work in progress
Review the IFRIC Update on the International Accounting Standards Board's Web site.