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Administrative matters — IFRS Interpretations Committee work in progress

Date recorded:

The staff provided the Committee with an update on the current status of issues that are in progress but not to be discussed during the Committee’s September 2012 meeting. The Committee deferred work on four new issues and four on-going issues which will be discussed at future meetings. These issues include:

On-going issues:

  • IFRS 3 Business Combinations issue requesting clarification on whether an asset with relatively simple associated processes meets the definition of a business in accordance with IFRS 3.
  • IAS 12 Income Taxes issue requesting clarification of the calculation of deferred tax in circumstances where the entity holds a subsidiary which has a single asset within it.
  • A review of past IAS 7 Statement of Cash Flows issues related to the classification of cash flows.
  • IAS 2 Inventories issue requesting clarification on the accounting for long-term supply contracts of raw materials when the purchaser of the raw materials agrees to make prepayments to the supplier. The staff are monitoring this issue in the context of developments on the IASB’s revenue recognition project.

New issues:

  • IAS 32 Financial Instruments: Presentation issue requesting clarification on whether, in order to qualify for balance sheet offsetting, the counterparty (or counterparties) to a netting arrangement is required to have an equivalent right of set-off to that of the reporting entity.
  • IFRS 10 Consolidated Financial Statements issue requesting clarification of the concept of ‘protective rights’ in IFRS 10.
  • IFRS 3 issue requesting clarification on the accounting for the mandatory purchase of non-controlling interests in business combinations.
  • IAS 1 Presentation of Financial Statements issue requesting clarification of disclosure requirements in paragraph 25 of IAS 1 relating to the use of the going concern basis for preparation of financial statements.

No questions or concerns were raised by the Committee.

Related Topics

Correction list for hyphenation

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