IFRS Interpretations Committee meeting — 6-7 September 2016

Start date:

End date:

Location: London

IFRS IC meeting (blue)

The IFRS Interpretations Committee is meeting in London on Tuesday 6 September and Wednesday 7 September 2016, to discuss eight issues — finalising two agenda decisions, continuing its work on two Interpretations and two sets of amendments to IFRS, and considering two new items.

 

Agenda decisions

The staff are recommending that two agenda decisions be finalised:

  • IFRIC 12 Service Concession Arrangements - service concession arrangements in which the infrastructure is leased (agenda paper 7).; and
  • IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement - fees and costs included in the 10 per cent test for derecognition of financial liabilities (agenda paper 9).

Interpretations

The Interpretations Committee issued a Draft Interpretation IAS 12 Income Taxes – Uncertainty over income tax treatments in October 2015. At this meeting the Committee will have an initial discussion of the comments received from the public consultation (agenda paper 2).

The Committee is being asked to approve the preparation of a draft interpretation of IFRS 9 Financial Instruments and IAS 28 Investments in Associates and Joint Ventures, addressing how those standards interact (agenda paper 4).

Amendments

The Committee has been considering the comments received from the public exposure of proposed amendments to IAS 19 Employee Benefits and IFRIC 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. At this meeting the Committee will be asked to finalise its recommendations to the IASB on those amendments (agenda paper 3).

The Committee has also started to develop an amendment to IAS 16 Property, Plant and Equipment that would require any proceeds from selling items produced while testing PP&E being constructed to be recognised in profit or loss. The Committee will continue those discussions (agenda paper 5).

New items

The Committee will be considering two new items. In both cases the staff are recommending that matters not be taken onto its agenda:

  • IAS 12 Income Taxes – recognition of deferred taxes in asset acquisitions (agenda paper 6); and
  • IFRS 9 Financial Instruments - Modification or exchange of financial liabilities that do not result in derecognition (agenda paper 8).

Agenda consultation

The Interpretations Committee will be given an update of the conclusions of the agenda consultation.

 

Agenda for the meeting


TUESDAY, 6 September 2016 (10:00-16:35)

  • Opening remarks, administrative matters, and meeting minutes of the July meeting
  • Deliberations of comments received:
    • Draft IFRIC IAS 12 — Uncertainty over income tax treatments
    • IFRIC 14 — Availability of a refund from a defined benefit plan
    • IAS 19 — Remeasurement on a plan amendment, curtailment or settlement
    • IFRIC 14 and IAS 19 — Transition and effective date of proposed narrow scope amendments
  • New issue:
    • IAS 12 — Recognition of deferred taxes in asset acquisitions
  • Item for continuing consideration: 
    • IAS 16 — Proceeds and costs of testing PPE

 WEDNESDAY, 7 September 2016 (09:30-12:40)

  • Item for continuing consideration:
    • IFRS 9 and IAS 28 — Measurement of long-term interests in associates and joint ventures
  • Agenda decision to finalise:
    • IFRIC 12 — Service concession arrangements in which the infrastructure is leased
  • New issue:
    • IFRS 9 — Modification or exchange of financial liabilities that do not result in derecognition
  • Agenda decision to finalise:
    • IFRS 9 and IAS 39 — Fees and costs included in the 10 per cent test for derecognition of financial liabilities
  • Administrative session:
    • Update on the Agenda Consultation for the Interpretations Committee
    • Work in progress

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

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