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Administrative session

Date recorded:

A summary of the current status of issues that are in progress but have yet to be discussed by the Committee was provided by the staff to the Committee. The staff intends to present the following issues at the March 2012 meeting:

  • IAS 39-26 Financial Instruments: Recognition and Measurement looking at a request for clarification on whether a feature, in a host debt instrument with a fixed interest rate, that gives the holder the option to extend the original term of the instrument results in an embedded derivative that would require bifurcation.
  • IAS 12-14 Income Taxes looking at a request for clarification on how production based royalties paid to one level of government that can be claimed as an allowance against an income tax payable to another level of government should be classified (i.e., as a product cost or as an income tax).
  • Mineral resources rent tax.
  • Accounting for rights associated with land.
  • Unit of account in rate regulated activities
  • IAS 16-5 Property, Plant and Equipment looking at a request for clarification on how to account for contingent pricing for the outright purchase of a single item of property, plant and equipment or an intangible asset. The Committee had previously decided in its May 2011 meeting to defer further work on this project until the Board finalises its discussions on the accounting for the liability for variable payments as part of the leases project.

The Committee did not have any questions or comments on the Committee's outstanding issues list.

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