We comment on seven IFRS Interpretations Committee tentative agenda decisions

  • IFRS - Deloitte Image

May 23, 2017

Our Global firm has published comment letters on IFRS Interpretations Committee tentative agenda decisions on IAS 12, IAS 19, IAS 32, IAS 33, IAS 41, IFRS 1, and IFRS 9, as published in the March 2017 IFRIC Update.

More information about the issues is set out below:

Issue Agenda decision supported? More information
IAS 12 Income Taxes — Interest and penalties related to income taxes Yes.
IAS 19 Employee Benefits — Discount rate in a country that has adopted another country’s currency Yes, however we suggest several amendments that we think could help make the tentative agenda decision clearer.
IAS 32 Financial Instruments: Presentation — Centrally cleared client derivatives Yes.
IAS 33 Earnings Per Share — Tax arising from payments on participating equity instruments Yes.
IAS 41 Agriculture — Biological assets growing on bearer plants Yes, however we recommend the Board consider a number of related conceptual issues as part of the Post-implementation Review of IFRS 13.
IFRS 1 First-time Adoption of International Financial Reporting Standards — Subsidiary as a first-time adopter Yes.
IFRS 9 Financial Instruments — Modifications or exchanges of financial liabilities that do not result in derecognition Yes, however we recommend that this issue would be better addressed via a formal Interpretation rather than an agenda decision.

Review all our comment letters to the IASB, IFRS Foundation, and IFRS Interpretations Committee on our Global IAS Plus website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.