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Pre-meeting summaries for the September 2016 IFRS Interpretations Committee meeting

  • IFRS IC meeting (blue) Image

30 Aug 2016

The IFRS Interpretations Committee will meet at the IASB's offices in London on 6 and 7 September. We have now posted our popular pre-meeting summaries for the meeting that allow you to follow the Committee's decision making more closely.

The IFRS Interpretations Committee will 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.

The pre-meeting summaries for the meeting can be found here. We will update this page for our Deloitte observer notes from the meeting as they become available.

Related Topics

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