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IFRS Interpretations Committee holds May 2018 meeting

  • IFRIC-IC meeting (dk green) Image

May 11, 2018

The IFRS Interpretations Committee met via video conference on Wednesday, May 9, 2018.

The Committee discussed two issues:

  • The accounting when an entity makes a voluntary payment to a tax authority in relation to a disputed amount, which was discussed initially in March. The agenda paper included a discussion of how the staff thinks the IAS 8 hierarchy should be applied when there is conflict between a definition in the new Conceptual Framework and a definition in IFRS Standards (and in the version of the Framework it is replacing). That matter will be taken back to the IASB.
  • The new issue relates to the Venezuelan Bolivar and its lack of exchangeability. This was a preliminary discussion on how, or whether, the Committee should respond. It will be discussed again at the next meeting.

The staff also discussed work in progress.

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

Related Topics

Correction list for hyphenation

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