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

  • IFRS IC meeting (blue) Image

05 Jun 2017

The IFRS Interpretations Committee meets in London on Tuesday 13 June 2017. The Committee will discuss 11 issues — one on-going, five previously issued agenda decisions and five new.

On-going discussions

The Committee will consider a recommendation from the staff that the IASB finalise its narrow-scope amendments to IAS 23 Borrowing Costs in relation to completed qualifying assets.

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:

  • IAS 41 Agriculture: Fair value of biological assets growing on bearer plants (Agenda Paper 6A)
  • IAS 19 Employee Benefits: Discount rates (Agenda Paper 6B)
  • IAS 33 Earnings per share: Tax consequences of dividends on participating equity instruments (Agenda Paper 6C)
  • IFRS 9 Financial Instruments: Clearing broker and centrally cleared client derivatives (Agenda Paper 6D)
  • IFRS 9 Financial Instruments: Modifications / exchanges of financial liabilities (Agenda Paper 6E)

In each case the staff are recommending that the Committee finalise the decision. The modifications issue has attracted an unusually high number of comment letters.

New issues

There are four new issues:

  • IFRS 3 Business Combinations: Acquisition of a group of assets (Agenda Paper 2)
  • IAS 38 Intangible Assets: Goods acquired for promotional (Agenda Paper 3)
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Costs considered in determining whether a contract is onerous (Agenda Paper 4)
  • IAS 28 Investments in Associates and Joint Ventures: Associate or joint venture and common control (Agenda Paper 8)

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

Additionally, the Committee will consider how to account for a change in accounting policy as a result of an agenda decision by the IFRS Interpretations Committee.  The staff are recommending a small amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. (Agenda Paper 5)

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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