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Deloitte comment letter on tentative agenda decision on IFRS 11 — Sales of output by a joint operator

Published on: 07 Mar 2019

We have commented on the IFRS In­ter­pre­ta­tions Committee's pub­li­ca­tion in the November 2018 IFRIC Update of the tentative decision not to take onto the Committee's agenda the request for clarification on the recognition of revenue by a joint operator whose proportionate right to output over the life of a joint operation differs from the proportion of actual output it receives in a particular reporting period.

We agree with the IFRS Interpretations Committee’s decision not to add this item onto its agenda for the reasons set out in the tentative agenda decision, but recommend a change to provide clarity that no revenue or income should be recognised until the output is sold (whether it is revenue from contracts with customers or other income).

Download the full comment letter below.

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