Date recorded:

SIC 12, Consolidation of SPEs

The IFRIC discussion regarding SIC 12 was noted. It was agreed that no amendment to SIC 12 was proposed but that wording regarding the assessment of risks should be posted to the IASB website.


IFRIC asked the Board to consider the inclusion/exclusion from value in use of cash flows expected to arise from a future restructuring for impairment purposes. The Board agreed that this would be considered.

Income Taxes

It was noted that IFRIC had received a number of queries on the requirements of the initial recognition deferred tax exemption. It was agreed that the Board would consider this as part of the income tax convergence project.

Presentation of Financial Statements

It was noted that IFRIC have been asked to issue guidance on what should be included in operating/ordinary activities. It was agreed that IFRIC should address this issue.

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.