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IFRS Interpretations Committee (IFRIC) Update

Date recorded:

The Director of Implementation Activities provided the Board with an update on the IFRS Interpretations Committee's meeting on 6 and 7 May 2010. For details of the meeting please refer to the meeting notes published on the IAS Plus.

In particular, the Board noted that the Interpretation Committee added to its agenda the treatment of put options over non-controlling interests. Several Board members were surprised that the issue arose as they assumed that IAS 39 would apply. The Board also noted that the Committee discussed the fixed date in derecognition exception in IFRS 1. The Board members urged the Committee to suggest to the Board a speedy solution to this issue in order to provide clarity for the first-time adopters.

The Board also noted that the derecognition project is unlikely to address the issue in a timely manner.

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