IFRS Interpretations Committee meeting — 27 January 2015

Start date:

End date:

Location: London

IFRS IC meeting (blue)

The IFRS Interpretations Committee will meet at the IASB's offices in London on 27 January 2015. The Committee will:

  • continue discussion of issues arising on IAS 12, IAS 16, IAS 39, IAS 21, and IAS 32;
  • consider finalising tentative agenda decisions on IAS 28, IFRIC 21, IAS 39, IFRS 13, and IFRS 12;
  • consider new issues on IAS 40 and IAS 24.

Agenda for the meeting

TUESDAY, 27 JANUARY 2015 (09:00-15:45)

Opening remarks, administrative matters, and meeting minutes of the November meeting

Items for continuing consideration

  • IAS 12
    • How should current tax assets and liabilities be measured when tax positions are uncertain
    • Draft Interpretation
  • IAS 16
    • Accounting for proceeds and cost of testing PPE: should net proceeds reduce cost of asset
    • Summary of outreaches
  • IAS 39
    • Income and expenses on FI with a negative interest rate – How should this be presented in the statement of comprehensive income
  • IAS 21
    • Revenue transaction denominated in foreign currency
  • IAS 32
    • Classification of liability for prepaid cards issued by a Bank in the Bank’s financial statements

Finalisation of tentative agenda decisions

  • IAS 28
    • Assessment of significant influence: Fund manager acting as agent and holding own investment in the fund
  • IFRIC 21
    • Accounting for cost of levy on PPE of service provider: Is it an admin or production overhead? Is it part of inventories?
  • IAS 39
    • Accounting for embedded foreign currency derivatives in host contracts – request for guidance on applying the ‘closely related’ criterion
  • IFRS 13
    • The fair value hierarchy – what level in the hierarchy applies when using consensus prices provided by third parties
  • IFRS 12
    • Request for clarification of what disclosures are required, and basis of preparation, for (a) subsidiary with a material non-controlling interest and (b) a material joint venture or associate

New issues

  • IAS 40
    • Can a property under construction be transferred from inventory to investment property, when there is an evident change in use?
  • IAS 24
    • Definition of close members of the family of a person

Administrative session: Work in progress and Interpretations Committee – review of activity 2014

 Agenda papers from this meeting are available on the IASB's website.

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