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May 2015 IFRIC Update is released

  • IFRS - IASB Image
  • IFRS - Meeting Image

May 26, 2015

On May 26, 2015, the IFRS Interpretations Committee released a summary of its May 12 meeting.

The following items were discussed:

  1. IFRS 5, Non-current Assets Held for Sale and Discontinued Operations—Issues relating to the requirements for scope and presentation in IFRS 5
  2. IFRS 11, Joint Arrangements—Becoming a joint operator through the acquisition of an additional interest in an existing joint operation
  3. IAS 16, Property, Plant and Equipment—Accounting for net proceeds and costs of testing for property, plant and equipment (Agenda Paper 2)
  4. IAS 21, The Effects of Changes in Foreign Exchange Rates—Draft Interpretation Foreign Currency Transactions and Advance Consideration: sweep issue

Item recommended to the IASB for Annual Improvements

  1. IAS 23, Borrowing Costs—Borrowing costs on completed qualifying assets

Other matters

  1. IFRS 13, Fair Value Measurement—The fair value hierarchy when third-party consensus prices are used
  2. Interpretations Committee work in progress update

Interpretations Committee agenda decisions

  1. IFRS 10, Consolidated Financial Statements—Single-asset, single-lessee lease vehicles
  2. IAS 24 Related Party Disclosures—Definition of close members of the family of a person

Review the IFRIC Update.

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