Date recorded:

Implementation – Agenda Papers 12, 12A, 12B, 12C


Agenda Papers 12A and 12B are the IFRIC Updates for March and January 2018.

Agenda Paper 12C focuses on a discussion that took place at the March 2018 meeting of the Interpretations Committee. That discussion was motivated by comments received from a number of respondents to the Committee’s tentative agenda decisions on IFRS 15 Revenue from Contracts with Customers, published in September and November 2017. Many respondents raised concerns about the Committee providing technical responses to highly-specific fact patterns submitted.

Board members were asked if they have any comments on, or questions about, the Committee’s discussion at its March 2018 meeting.

Board discussion

The Board members thought that the level of help in the agenda decisions is useful and that it was appropriate to raise the question about the appropriate level of detail and specificity.

One member noted that when the decisions referred to “what the Board had in mind” this should be clearly supportable. The staff clarified that they would only lift words from the Basis of Conclusions and they do not include any views not put forward by the Board or Committee.

One Board member questioned if the agenda decisions have equal authority as the illustrative examples (which are signed off by the Board but not mandated). The Vice Chair confirmed that they were of equal authority. She said they have been through sufficient due process such as being published for comments for 60 days and the call for comments is highlighted on the front page of the website. She went on to say that agenda decisions only applied the guidance in the standard and that the first decision made by the Committee was whether there was sufficient guidance in the standard to answer the question. When questions move into the realm of standard setting this would be passed back to the Board for discussion and approval.

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