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Standing Interpretations Committee

Date recorded:

The Board approved the following final Interpretations:

  • SIC 27, Evaluating the Substance of Transactions in the Legal Form of a Lease;
  • SIC 28, Business Combinations - 'Date of Exchange' and Fair Value of Equity Instruments;
  • SIC 29, Disclosure - Service Concession Agreements;
  • SIC 30, Reporting Currency - Translation from Measurement Currency to Presentation Currency (some changes in the wording to a number of paragraphs of the Interpretation are to be made, but the substance of these paragraphs remains unchanged);
  • SIC 31, Revenue - Barter Transactions Involving Advertising Services; and
  • SIC 33, Consolidation and Equity Method - Potential Voting Rights Redeemable by Holder. SIC D32, Intangible Assets - Website Costs, was not approved as a final Interpretation. The Board objected to the lack of convergence of the paragraphs dealing with the initial graphical design of a website with other similar literature on the topic. For instance under US GAAP, EITF 00-2, Accounting for Website Development Costs, requires capitalisation of these costs. The SIC proposed to expense the cost of initial graphical design as incurred. No objections to the other paragraphs were raised. The Board concluded to ask SIC to consider holding a meeting by teleconference (which would be open to public listening) to discuss initial graphic design costs further. SIC D34, Financial Instruments - Instruments or Rights Redeemable by the Holder, was not approved as a final Interpretation by IASB. Because of divergent views presented by respondents to SIC D34, the Board decided to address the issue as part of its project to improve IAS 32.

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