Update on IFRIC projects since November 2008 meeting

Date recorded:

The last IFRIC meeting was held in November 2008. The January 2009 IFRIC meeting was cancelled due to the small number of agenda items for discussion.

Since the November 2008 IFRIC meeting, the Board and staff have taken several actions to progress in-process IFRIC related issues and to address a few new issues the Board felt required immediate attention. These are:

  • IFRIC 9 – proposed consequential amendment to exclude from its scope embedded derivatives in contracts under common control and in the formation of joint ventures. The amendment to IFRIC 9 is expected to be finalised at the IASB meeting in March 2009.
  • IFRIC 9 – reclassification of assets amendment. The amendment to IFRIC 9 was discussed during the February 2009 IASB meeting.
  • IFRIC 14 – proposal to amend IFRIC 14 to eliminate an unintended consequence that arises from some voluntary prepayments to a defined benefit plan that is subject to a minimum funding requirement. The IFRIC 14 amendment was discussed by the IFRIC in a later session - refer to the notes below with regards to the tentative agenda decisions.
  • IFRIC 16 – proposed amendment to remove the restriction which does not permit hedge accounting if the hedging instrument is held by the foreign operation that is being hedged.
  • IFRIC 18 – approval of interpretation. The IASB approved IFRIC 18 Transfers of Assets from Customers at its January 2009 meeting.

Related Meeting Notes

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