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IFRS Interpretations Committee holds March 2020 meeting

  • IFRIC meeting (blue) Image

09 Mar 2020

The IFRS Interpretations Committee met on 3 March 2020. We have posted Deloitte observer notes for the technical issues discussed during this meeting.

Item for Continuing Discussion

IFRS 16 Leases—Sale and leaseback with variable payments (Agenda Paper 2): The Committed concluded that the accounting of a sale and leaseback transaction at the date of transaction is clear. However, it recommended standard-setting to clarify the subsequent measurement of the seller-lessee's liability arising from such sale and leaseback with variable payments.

New Issue

IAS 12 Income Taxes—Deferred tax related to a subsidiary's undistributed profits (Agenda Paper 3): The Committee concluded that a reporting entity should recognise deferred tax for the temporary differences arising from undistributed profits of a subsidiary and will publish a tentative agenda decision with amendments suggested in the meeting and explaining why neither an interpretation of, nor an amendment to, IAS 12 is necessary.

Agenda Decisions to Finalise

IAS 21 The Effects of Changes in Foreign Exchange Rates and IAS 29 Financial Reporting in Hyperinflationary Economies—Translation of a hyperinflationary foreign operation (Agenda Paper 4): The Committee decided, unanimously, to finalise the agenda decision with amendments to wording.

IFRS 15 Revenue from Contracts with Customers—Training costs to fulfil a contract (Agenda Paper 5): The Committee decided, by a majority vote, to finalise all three agenda decisions, with some amended wording.

More information

Please click to access the detailed notes taken by Deloitte observers.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.