Agenda and pre-meeting summaries for the September 2017 IFRS Interpretations Committee meeting

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04 Sep, 2017

The IASB's IFRS Interpretations Committee will be meeting in London on Tuesday 12 September 2017. The Committee will discuss 9 issues — six previously issued agenda decisions and three new.

Finalisation of draft agenda decisions

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

  • IFRS 9 Financial Instruments - Financial assets eligible for the election to present changes in fair value in other comprehensive income - Agenda Paper 5A
  • IAS 12 Income Taxes - Interest and penalties - Agenda Paper 5B
  • IFRS 1 First-time Adoption of International Financial Reporting Standards - Subsidiary as a first-time adopter - Agenda Paper 5C
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets - Costs considered in assessing whether a contract is onerous - Agenda Paper 5D
  • Goods acquired for promotional activities - Agenda Paper 5E
  • Acquisition of an associate or joint venture from an entity under common control - Agenda Paper 5F

The staff are recommending that the Committee finalise all of these decisions. In one case, onerous contracts, the staff are also recommending that the IASB be asked to add a narrow scope project to its work plan.

New issues

There are three new issues:

  • IFRS 15 Revenue from Contracts with Customers — Pattern of revenue recognition in a real estate contract – Initial consideration - Agenda Paper 2
  • IAS 41 Agriculture — Taxation in fair value measurements – Initial consideration - Agenda Paper 3
  • IAS 28 Investments in Associates and Joint Ventures — Contributing property, plant & equipment to an associate – Initial consideration - Agenda Paper 4

For all three issues the staff are recommending that the IC not add the issue to its agenda. However in the case of the fair value measurement for agriculture, the staff are recommending that the IASB make a small change to IAS 41 as part of its next Annual Improvements cycle to correct an inconsistency in IAS 41.

Further information

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

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