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IFRS Interpretations Committee meeting — 10 May 2016

Start date:

End date:

Location: London

IFRS IC meeting (blue)

The IFRS Interpretations Committee held a one-day meeting in London on 10 May 2016, discussing ten issues on IFRS 9/IAS 28, IAS 20, and IFRIC 12; IAS 40 and draft Interpretation IAS 21; IAS 36 and IFRS 9; as well as IAS 32, IAS 12, and IFRS 9.


Agenda decisions

The Committee decided to finalise three agenda decisions:

  • Repayable cash advances provided by a Government;
  • Derecognition of modified financial assets; and
  • Recoverable amount and carrying amount of a cash generating unit.

The Committee also decided to issue three tentative agenda decisions for public comment:

  • Written put options over NCI;
  • Fees and costs to be included in the 10 per cent test for derecognition of financial liabilities; and
  • Service concession arrangements with leased infrastructure.


The Committee continued its discussions on the public feedback received on its draft Interpretation of IAS 21 The Effects of Changes in Foreign Exchange Rates in relation to advance consideration.  The Committee supported the staff recommendations and will continue its discussions in July.

The Committee also decided to develop a draft Interpretation of IFRS 9 Financial Instruments and IAS 28 Investments in Associates and Joint Ventures, relating to the impairment requirements for long-term investments.

Potential amendments

The Committee has been developing an amendment to IAS 40 Investment Property in relation to the reclassification of investment property.  The Committee discussed public feedback on the proposal, which was exposed in 2015, and decided to recommend to the IASB that the IASB proceed with issuing the amendments.

Unresolved matters

The Committee asked for some additional analysis on a matter related to IAS 12 Income Taxes and the expected manner of recovery when calculating deferred tax on indefinite life intangible assets. Discussions will continue at a future meeting.

Next meeting

The next meeting is scheduled for Tuesday 12 July 2016.  It will be conducted via video and audio conference rather than as a face-to-face meeting.

Agenda for the meeting

TUESDAY, 10 May 2016 (09:00-17:05)

Morning session (09:00-13:00)

  • Opening remarks, administrative matters, and meeting minutes of the March meeting
  • Items for continuing consideration:
    • IFRS 9 and IAS 28 — Accounting for long-term interests
    • IAS 20 — Repayable cash advances provided by a government
    • IFRIC 12 — Service concession arrangements with leased infrastructure
  • Deliberations of comments received:
    • IAS 40 — Transfers of investment property
  • Agenda decisions to finalise:
    • IFRS 9 and IAS 39 — Derecognition of modified financial assets

Afternoon session (14:00-17:05)

  • Deliberations of comments received (continued):
    • Draft IFRIC IAS 21 — Foreign currency transactions and advance consideration
  • Agenda decisions to finalise (continued):
    • IAS 36 — Recoverable amount and carrying amount of a cash generating unit
  • New issues:
    • IAS 32 — Written put option over NCI
    • IAS 12 — Expected manner of recovery when calculating DT on indefinite life intangible assets
    • IFRS 9 — Fees and costs included in the 10 per cent test for derecognition of financial liabilities
  • Administrative Session — Work in progress

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

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