IFRIC Update – December 1-2, 2020

Start date:

End date:

Location: London

On December 14, 2020, the IFRS Interpretations Committee released a summary of its December 1-2, 2020 meeting.

The following items were discussed:

Committee’s tentative agenda decisions

  • Classification of Debt with Covenants as Current or Non-current (IAS 1 Presentation of Financial Statements)
  • Attributing Benefit to Periods of Service (IAS 19 Employee Benefits)
  • Configuration or Customisation Costs in a Cloud Computing Arrangement (IAS 38 Intangible Assets)
  • Hedging Variability in Cash Flows due to Real Interest Rates (IFRS 9 Financial Instruments)

Committee’s agenda decisions

  • Supply Chain Financing Arrangements—Reverse Factoring

Other matters

  • Work in Progress

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

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