Maintenance and consistent application

Date recorded:

Cover paper (Agenda Paper 12)

In this session, the IASB was asked whether they object to an agenda decision from the IFRS Interpretations Committee (Committee) and was given the opportunity to provide comments or ask questions on the March 2022 IFRIC Update.

Demand Deposits with Restrictions on Use (IAS 7)­­—Finalisation of Agenda Decision (Agenda Paper 12A)­

At its March 2022 meeting, the Committee decided not to add a standard-setting project to the work plan in response to a submission about demand deposits with restrictions on use. The Committee instead decided to finalise the agenda decision. The purpose of this meeting was to ask IASB members whether they object to the agenda decision.

IASB decision

There was no discussion on this agenda paper. No IASB member objected to the agenda decision.

IFRIC Update March 2022 (Agenda Paper 12B)

This agenda paper reproduced the March 2022 IFRIC Update and was provided as a courtesy for IASB members in case they have any questions or comments.

IASB discussion

One Board member asked why there was a tentative agenda decision with regard to lessor forgiveness of lease payments, but a proposed narrow-scope amendment for the accounting from the lessee perspective. The staff explained that the lessee could either apply IFRS 9 or IFRS 16 for the derecognition of the lease liability and it should be clarified which standard applies.

There was no decision asked from the IASB on this agenda paper.

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