IAS 39 — Gaming transactions
Date recorded:
The IFRIC discussed whether it should develop guidance as to how a gaming institution should account for bets or wagers received. The question focussed on whether such transactions give rise to revenue or whether unsettled wagers are financial instruments which should be accounted for using IAS 39 Financial Instruments: Recognition and Measurement.
The IFRIC agreed that there was a trend among gaming institutions to treat unsettled wagers as derivative instruments and that as such, diversity was unlikely in future. The IFRIC reached a tentative decision not to add this item to its agenda.
