IFRS Interpretations Committee meeting — 17–18 January 2012

Start date:

End date:

Location: London

IFRS IC meeting (blue)

The IFRS Interpretations Committee met at the IASB's offices in London on Tuesday and Wednesday 17 and 18 January 2012. The meeting continued discussion in the Committee's projects on accounting for put options written over non-controlling interests and levies charged to operate in a specific market, considered the responses to the IASB's exposure draft on annual improvements and considered a wide range of other issues.

Agenda for the meeting

Tuesday 17 January (10:00h-18:15h)

Active Committee projects

  • IAS 32 Financial Instruments: Presentation — Put options written over non-controlling interests
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IFRIC 6 Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment — Levies charged for participation in a specific market – date of recognition of liability

Review of Tentative Agenda Decisions published in November 2011 IFRIC Update

  • IAS 19 Employee Benefits — Definition of termination benefits

Items for continuing consideration

  • IFRS 11 Joint Arrangements — Acquisition of interest in joint operation
  • IAS 28 Investments in Associates — Share of other changes in equity
  • IFRIC 12 Service Concession Arrangements — Payments made by an operator in a service concession arrangement
  • IAS 33 Earnings per Share — Calculating EPS with non-cumulative preference dividends

Wednesday 18 January (09:00h-14:55h)

Annual improvements – Comment letter analysis on June 2011 exposure draft

  • IFRS 1 First-time Adoption of International Financial Reporting Standards — Repeated application of IFRS 1
  • IFRS 1 First-time Adoption of International Financial Reporting Standards — Borrowing costs relating to qualifying assets for which the commencement date for capitalisation is before the date of transition to IFRSs
  • IAS 1 Presentation of Financial Statements — Clarification of the requirements for comparative information
  • IAS 16 Property, Plant and Equipment — Classification of servicing equipment
  • IAS 32 Financial Instruments: Presentation — Tax effect of distribution to holders of equity instruments
  • IAS 34 Interim Financial Reporting — Interim financial reporting and segment information for total assets

New items for initial consideration

  • IAS 2 Inventories — Long-term prepayments for inventory supply contracts
  • IAS 41 Agriculture — Disclosure of the components of changes in fair value and associates valuation techniques
  • IAS 28 Investments in Associates and SIC 13 Jointly Controlled Entities — Non-Monetary Contributions by Venturers — Definition of the term 'non-monetary asset' in SIC 13 and IAS 28 (2011)

Administrative session

  • Committee work in progress

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