IFRS Interpretations Committee meeting — 16 January 2019
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Location: London
The IFRS Interpretations Committee met via video and audio conference call on Wednesday 16 January 2019. The Committee decided to finalise four tentative agenda decisions:
- IAS 37 Provisions, Contingent Liabilities and Contingent Assets: concluding that a voluntarily payment made by an entity to a tax authority in relation to a disputed assessment (to avoid possible penalties or interest) is an asset
- IFRS 15 Revenue from Contracts with Customers: concluding that fees for admitting an entity to a stock exchange and fees for an ongoing listing service relate to only one service
- IAS 27 Separate Financial Statements: concluding that when an entity loses control of a subsidiary as a result of disposing some of its interest, an entity can elect to measure the retained interest at FVOCI and any gain or loss on initial disposal is presented in profit or loss
- IAS 27 Separate Financial Statements: concluding that the cost of a subsidiary acquired in stages can be either the fair value of the tranches (as deemed cost) or the sum of the consideration actually paid
The final agenda decisions, which set out the particular circumstances that led to these conclusions, will be published in IFRIC Update.
Other work in progress
The Committee will discuss feedback on tentative agenda decisions in relation to the application of the highly probable requirement in a cash flow hedge relationship and the recognition of a lease liability by a joint operator at a future meeting.
The staff are working on potential amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates to provide more guidance when a spot exchange rate is not observable.
The staff are analysing requests in relation to (a) whether an entity applies IFRS 16 Leases or IAS 38 Intangible Assets to a contract that gives it rights to space below the ground for a period of time; and (b) whether the right to potential discounts affects the classification of an entity’s pension plan as defined benefit or defined contribution.
Agenda for the meeting
WEDNESDAY, 16 January 2019Afternoon session (12:00-13:10)
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Agenda papers for this meeting are available on the IASB's website.