IFRIC Update
Date recorded:
IFRIC staff updated the Board on the latest developments from the IFRIC meeting held 1-2 November 2006. Five items were specifically mentioned:
- Draft Handbook on IFRIC Due Process - Review of responses
- IAS 18 Revenue - Real estate sales
- IAS 18 Revenue - Revenue recognition in respect of initial fees paid by a fund manager
- IAS 21 The Effects of Changes in Foreign Exchange Rates - Hedging a net investment
- IAS 41 Agriculture - Recognition and measurement of biological produce
All these items have previously been covered by Notes taken by Deloitte Observers during the November 2006 IFRIC meeting.