IFRS Interpretations Committee meeting — 26 November 2019

Start date:

End date:

Location: London

IFRS IC meeting (blue)


The IFRS Interpretations Committee met on Tuesday 26 November 2019 to discuss six issues, including three new interpretation requests.


New Issues

The Committee discussed three new issues.

For two of the issues the Committee decided to publish a tentative agenda decision saying that the relevant Standard provides adequate guidance.  

  • IFRS 15 Revenue from Contracts with Customers—Presentation of player transfer payments (Agenda Paper 6): The Committee identified the presentation requirements when a football club transfers a player to another club—i.e. when it would recognise a gain or loss applying IAS 38 and when it would recognise revenue, applying IFRS 15, from the sale of inventory.
  • IAS 12 Income Taxes—Tax consequences under multiple tax regimes (Agenda Paper 7): In some tax jurisdictions, the manner in which an entity recovers the carrying amount of an asset—for example, whether it recovers the asset through use or through sale—determines the tax consequences that follow from such recovery. The Committee decided that IAS 12 provides adequate guidance for deferred taxes when the recovery of the carrying amount of an asset gives rise to multiple tax consequences.

IFRS 16 Leases—Sale and leaseback with variable payments (Agenda Paper 5): The Committee decided that if an entity sells an asset and leases it back with variable payments it must measure the ROU asset to determine the amount of gain or loss to be recognised at the transaction date. However, the Committee decided to ask the staff for more analysis on the subsequent accounting.   

Agenda Decision to finalise

IFRS 16 Leases—Lease term and useful life of leasehold improvements (Agenda Paper 4): The Committee decided, by a vote of 7 to 6, to finalise the Agenda Decision. The Chair noted that this “could be a very real case where people need sufficient time” to make any changes, as a result of the Agenda Decision.

Committee Input to the IASB

The IASB is seeking input from the Committee on two projects.

  • Agenda Consultation (Agenda Paper 2): Committee members provided the staff with their views on priority projects, with intangible assets standing out as a project many members thought should be given high priority.  
  • Post-implementation review of IFRS 10, 11 and 12 (Agenda Paper 3): The IASB has started a PIR of IFRS 10, 11 and 12. The Committee will discussed the agenda decisions published in relation to these Standards along and other application issues.

Work in progress (Agenda Paper 11)

There are no new matters that have not yet been presented to the Committee.


    Agenda for the meeting

    TUESDAY, 26 November 2019

    Morning session (9:30-12:30)

    • Administrative matters
    • Agenda decisions to finalise:
      • IFRS 16 — Lease term and useful life of leasehold improvements
    • New matters:
      • IFRS 16 — Sale and leaseback with variable payments
      • IFRS 15 — Presentation of player transfer payments

    Afternoon session (13:30-17:35)

    • New matters:
      • IAS 12 — Multiple tax consequences of recovering an asset
    • Committee Input:
      • Post-implementation review of IFRSs 10, 11 and 12
      • Agenda Consultation
    • Administration session

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

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