IFRIC meeting — 7 May 2009

Start date:

End date:

Location: London

About meeting notes

IFRIC (International Financial Reporting Interpretations Committee) (blue) The International Financial Reporting Interpretations Committee (IFRIC) met at the IASB's offices in London on Thursday 7 May 2009 (one day only).

Agenda for the meeting

Thursday 7 May 2009 (10:00-17:30)


Active Committee projects

  • IAS 38 Intangible Assets — Compliance Costs for REACH (European Commission Regulation Concerning the Registration, Evaluation, Authorisation and Restriction of Chemicals)
  • IAS 28 Investments in Associates — Venture capital consolidations and partial use of fair value through profit or loss
  • IAS 7 Statement of Cash Flows — Determination of cash equivalents

Review of Tentative Agenda Decisions published in March IFRIC Update

  • IAS 12 Income Taxes — Classification of tonnage taxes
  • IAS 16 Property, Plant and Equipment — Disclosure of idle assets and construction in progress
  • IAS 38 Intangible Assets — Accounting for sales costs
  • IAS 39 Financial Instruments: Recognition and Measurement — Participation rights and calculation of the effective interest rate
  • IAS 39 Financial Instruments: Recognition and Measurement — Classification of failed loan syndications
  • IAS 41 Agriculture — Discount rate assumptions used in fair value calculations
  • IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction — Voluntary prepaid contributions under a minimum funding requirement

Staff recommendations for Tentative Agenda Decisions

  • IFRS 3 Business Combinations — Acquisition related costs in a business combination
  • IFRS 3 Business Combinations — Earlier application of revised IFRS 3
  • IAS 27 Consolidated and Separate Financial Statements — Treatment of transaction costs on acquisition or disposal of non-controlling interests
  • IAS 28 Investments in Associates — Potential effect of IFRS 3 (as revised in 2008) and IAS 27 (as amended in 2008) on equity method accounting
  • IAS 28 Investments in Associates — Impairment of investments in associates
  • IAS 34 Interim Financial Reporting — Interim disclosures of fair values
  • IAS 39 Financial Instruments: Recognition and Measurement — Hedging using more than one derivative as the hedging instrument (IG.F.2.1)
  • IAS 39 Financial Instruments: Recognition and Measurement — Meaning of significant or prolonged
  • IFRIC 12 Service Concession Arrangements — Scope of IFRIC 12
  • IFRIC 18 Transfers of Assets from Customers — Applicability to the customer

Administrative session

  • IFRIC work in progress


The Deloitte observer notes for this meeting are available here.

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