Paper 17: IFRS Interpretations Committee Work in Progress

The implementation director introduced the agenda paper that highlights the issues that are being worked on or are currently on hold with the staff. He said that there were two ongoing items, two items on hold and two new issues that would be brought to the IFRS Interpretations Committee (IFRS IC) in future meetings. He asked whether any of the Committee members had any questions on the agenda paper.

No questions were asked.

Paper 18: Review of Interpretations Committee Activity 2013

The implementation director said that the agenda paper summarised the Committee’s activity during 2013. He said that the IFRS IC had looked at 47 issues in 2013, of which 32 were new. The major part of these issues had been dealt with by agenda decisions or Annual Improvements.

The implementation director explained the tables in the agenda paper. Amongst those was an analysis of issues per Standard where IFRS 3 Business Combinations was the Standard that created the most issues. He said that this Standard was currently under post-implementation review by the IASB. Second was IFRS 10 Consolidated Financial Statements as a new Standard and third was IAS 19 Employee Benefits as a revised Standard. He said that IFRS 2 Share-based Payment had also raised a significant amount of issues but that many of those issues were older issues.

He asked the Committee whether they had questions on this agenda paper.

The chairman had a question about the interactions with the Board, being Interpretations, Annual Improvements and proposals for limited-scope amendments. He said that only seven issues led to interaction with the Board in 2013. He asked if there were statistics on how often the staff interacted with the Board outside of those three ways of interaction. The implementation director replied that this was not caught by statistics but that this might be a useful addition.

No further questions were asked.