The Board was provided with the IFRIC Update newsletter of May 2013. The Update summarised all the on-going IFRS IC projects.

The representative of the IC went through some of the projects and said that they would be discussed in future IASB meetings.

The only item that was discussed at the meeting was the IAS 12 issue on Recognition of deferred tax assets for unrealised losses on certain debt instruments. The issue has been under discussion for a while now (initially within the Annual Improvements project and then by the IC). In May 2013, the IC has reached a tentative conclusion that the deferred tax asset could be recognised; this conclusion differed from the conclusion reached by the FASB. The IC promised to bring a paper analysing this issue to a future Board meeting.

It was intended at this stage that the project will result in a narrow-scope amendment to IAS 12 and not in an Interpretation. One of the Board members questioned why not an Interpretation. The response was that the amendment would be “for the ease of use” and that the issue did not lend to the Interpretation.

No decisions were made during this session.