IFRIC Update (Agenda Paper 12)

The staff presented the IFRIC Update from the February 2021 IFRS Interpretations Committee meeting. No decisions were expected from the Board.

Board discussion

One Board member asked whether for Sale and Leaseback of an Asset in a Single-Asset Entity, the Committee issued an agenda decision. The staff confirmed that it did not and recommended the Board undertake standard-setting for this issue.

One Board member noted that for Preparation of Financial Statements when an Entity is No Longer a Going Concern, the Committee decided not to do anything as there was not enough evidence that any guidance is needed. However, in her view, the evidence was contained in the submission and there is developing diversity in practice.

No decisions were made by the Board.