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Administrative session

Date recorded:

Committee work in progress

The staff is currently researching one agenda issue received by the Committee but not yet discussed as part of a Committee meeting. This issue relates to a clarification of circumstances in which the presumption of manner of recovery of investment property can be rebutted in accordance with paragraph 51C of IAS 12 Income Taxes (Revised 2010). Specifically, IAS 12 notes that if a deferred tax asset or liability arises from investment property that is measured using the fair value model in IAS 40 Investment Property, there is a rebuttable presumption that the carrying amount of the investment property will be recovered through sale. A request was made for further clarification as to how to interpret the rebuttable presumption. The staff expect to bring this submission issue to a future meeting.

The Committee also intends to review the IASB's revenue recognition re-exposure draft as soon as it is available for purposes of considering the exposure document in light of clarification requests as to the meaning of "continuous transfer" under IFRIC 15 Agreements for the Construction of Real Estate. IFRIC 15 was discussed during the May 2011 Committee meeting and deferred as a results of the IASB's revenue recognition project.

The Committee had no additional questions or comments for the staff on these items.

Review of statistics of the Committee's activity

The staff provided the Committee with an overview of the Committee's activity over the last three and a half years, including quantitative details of issues addressed in the following categories:

  • (a) interpretations and implementation activities, including areas where no authoritative guidance or interpretation has been given; and
  • (b) work performed on behalf of the IASB, including issues addressed through the Annual Improvements Project and stand-alone projects.

The review highlighted an increasing number of issues addressed by the Committee from 2008 to 2010, with a significant level of 2010 issues resulting from Annual Improvements Project considerations.

The Committee requested similar activity assessment on an annual basis, while requesting the staff further bifurcate topics addressed (e.g., IFRS 3 issues considered) and conclusions reached. Multiple Committee members also cited a desire to re-consider projects deferred to the IASB which the IASB subsequently elected not to add to its agenda. The scope of re-consideration would be developed in consultation with the IASB.

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