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.

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