Maintenance and consistent application

Date recorded:

Cover note (Agenda Paper 12)

The objective of this session was to discuss the IFRS Interpretations Committee (IFRS IC) Agenda Decision ‘Definition of a Lease—Substitution Rights (IFRS 16)’ and the March 2023 IFRIC Update.

This paper was not discussed.

Definition of a Lease—Substitution Rights (IFRS 16)—Finalisation of agenda decision (Agenda Paper 12A)

At its March 2023 meeting, the IFRS IC decided not to add a standard-setting project to the work plan in response to a request on IFRS 16. The Committee instead decided to finalise an agenda decision.

The purpose of this meeting was to ask IASB members whether they object to the agenda decision, as required by paragraph 8.7 of the IFRS Foundation Due Process Handbook.

IASB discussion

The Chair suggested that it may be a good idea to translate agenda decisions into other languages as they are very helpful to preparers, and it would raise awareness for the agenda decisions. The staff confirmed that they are considering this. One IASB member added that Spanish and Japanese versions are already available on the IFRS website and some national standard-setters also produce translations of the agenda decisions.

IASB decision

No IASB member objected to the agenda decision.

IFRIC Update March 2023 (Agenda Paper 12B)

This agenda paper reproduced the March 2023 IFRIC Update. The purpose of this paper was to give IASB members the opportunity to comment or ask questions on the contents of the IFRIC Update.

This paper was not discussed.

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