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Pre-meeting summaries for the March 2017 IFRS Interpretations Committee meeting

  • IFRIC meeting (blue) Image

08 Mar 2017

The IFRS Interpretations Committee meets in London on Tuesday 14 and Wednesday 15 March 2017. The Committee will discuss 13 issues—three on-going, four previously issued agenda decisions and six new.

On-going discussions

The Committee will consider whether to recommend to the IASB that it finalise its narrow-scope amendments to IAS 19 Employee Benefits in relation to plan amendments, curtailments or settlements (Agenda Paper 2) and proposed amendments To IFRS 3 Business Combinations and IFRS 11 Joint Arrangements in relation to previously held interests (Agenda Paper 9). The Committee will also revisit IFRS 9 Financial Instruments and the discussions about modifications and exchanges of financial liabilities. The IASB has asked the Committee not to take this matter onto its agenda and to issue a tentative decision to that effect.

Finalisation of draft agenda decisions

The Committee will consider the public feedback on four matters which it had tentatively decided not to add to its agenda:

  • IFRS 10 Consolidated Financial Statements: Investment entity consolidation (Agenda Paper 8A);
  • IAS 28 Investments in Associates and Joint Ventures: Fund manager’s significant influence over a fund (Agenda Paper 8B);
  • IAS 12 Income Taxes: Deferred taxes in asset acquisitions (Agenda Paper 8C); and
  • Commodity loans (Agenda Paper 8D)

In each case the staff are recommending that the Committee finalise the decision.

New issues

There are six new issues:

  • IAS 19 Employee Benefits: Discount rates (Agenda Paper 3)
  • IAS 33 Earnings per share: Tax consequences of dividends on participating equity instruments (Agenda Paper 4)
  • IFRS 1 First-time Adoption of IFRS: Subsidiary as a first time adopter (Agenda Paper 5)
  • IAS 12 Income taxes: Interest and penalties (Agenda Paper 6)
  • IAS 41 Agriculture: Fair value of biological assets growing on bearer plants (Agenda Paper 7)
  • IAS 32 Financial Instruments: Presentation: Centrally cleared derivatives (Agenda Paper 10)

In each case the staff are recommending that the Committee not take the matter onto its agenda.

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.

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