This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Implementation matters

Date recorded:

Implementation Matters - IFRIC Update (Agenda Paper 12A & 12B)

Background

The purpose of this meeting wass to provide the Board with an update on recent IFRS Interpretations Committee meetings. No decisions were asked from the Board.

Discussion

As regards “IFRS 9 Financial Instruments—Physical Settlement of Contracts to Buy or Sell a Non-financial Item (Agenda Paper 11 at the March 2019 IFRS Interpretations Committee meeting)” one Board member noted that the conclusion in the agenda decision is correct, however the overall outcome was not desirable. At the date of the transaction, which is a simple delivery of goods, recognising revenue on the receipt of cash applying IFRS 15 Revenue from Contracts with Customers might provide more useful information compared to applying IFRS 9, as stated in the agenda decision.

One Board member said that when IFRS Standards are unclear and this leads to an accounting policy choice, the Interpretations Committee should remain silent on what is the best choice.

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.