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IFRIC Update

Date recorded:

The IFRIC Chairman provided an overview of the IFRICs activities, noting the significant amount of output that was now evident and for which he requested that his appreciation be put on public record, for the work performed by the individual IFRIC members in the last 18 months. It was noted that accounting firms were now familiar with the format of IFRIC papers and therefore the analysis of issues submitted was mainly in the required format which assists the IFRIC in terms of resources. In addition, it was also noted that although there was a noticeable increase in the number of issues submitted to IFRIC, that the accounting firms were dealing with a considerable number of those issues in practice. A proposal to amend IAS 38 in view of the reaction received to IFRIC 3 was mentioned. It was indicated that this issue may be discussed at the March meeting. The issue of whether EFRAG had provided a clear rationale supporting its view that IFRIC 3 is inconsistent with IFRS was raised, and the Chairman of the IFRIC was asked to pursue this issue. An update was provided of a meeting that took place earlier in the day between certain organisations and which included some Board members; mainly highlighting that there seemed to be general support for consistent application of IFRS in Europe and had touched on how guidance should be provided for this purpose. It was noted that the meeting had resulted in EFRAG offering to facilitate a forum that would allow for issues to be discussed.

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