IFRIC 15 – Clarification of meaning of continuous transfer

Date recorded:

During the March 2011 Committee meeting, the Committee noted that IFRIC 15 includes a principle for determining when continuous transfer is achieved. The Committee also noted that the Board's project on revenue recognition is currently developing guidance on the meaning of transfer and continuous transfer. The Committee recommended that the Board should consider the fact pattern received by the Committee in its revenue recognition project. However, before concluding on this issue, the Committee asked for further input on this issue from interested parties.

The Committee discussed the status of the Board's revenue recognition project and whether decisions reached there could provide insight into clarification of the meaning of "continuous transfer" under IFRIC 15. The Board has yet to reach decisions on guidance for the meaning of continuous transfer and the Committee discussed the importance of not making a decision for IFRIC 15 that would contradict those reached in the revenue recognition project expected in July 2011. Based on these circumstances, the Committee decided to not add this issue to the agenda but instead proposed to defer any further discussion until the revenue recognition project is complete. Upon such time, the Committee will then consider what, if anything, applies to IFRIC 15.

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