IFRS Interpretations Committee meeting – 8-9 July 2010

Start date:

End date:

Location: London

About meeting notes

IFRIC (International Financial Reporting Interpretations Committee) (blue) The IFRS Interpretations Committee (IFRIC) met at the IASB's offices in London on Thursday and Friday, 8-9 July 2010.

Agenda for the meeting

Thursday 8 July 2010 (10:15-18:00)


Active Committee projects

  • IAS 16 Property, Plant and Equipment – Accounting for production phase stripping costs in the mining industry
  • IFRS 2 Share-based Payment – Vesting and non-vesting conditions
  • IAS 27 Consolidated and Separate Financial Statements – Put options written over non-controlling interests

Review of tentative agenda decisions published in May IFRIC Update

  • IAS 1 Presentation of Financial Statements – Going concern disclosures: specifying consequence of concern
  • IAS 12 Income Taxes – Recognising deferred tax assets for unrealised losses on AFS debt securities
  • IAS 39 Financial Instruments: Recognition and Measurement – Impairment of financial assets reclassified from AFS to loans and receivables

Items for continuing consideration

  • IFRS 1 First-time Adoption of International Financial Reporting Standards – Fixed date in derecognition exception
  • IFRS 1 First-time Adoption of International Financial Reporting Standards – Day 1 gains
  • IFRS 1 First-time Adoption of International Financial Reporting Standards – Repeat application
  • IAS 21 The Effects of Changes in Foreign Exchange Rates – Repayment of investment/CTA
  • IAS 29 Financial Reporting in Hyperinflationary Economies – Reporting in accordance with IFRS after a period of chronic hyperinflation
  • IAS 40 Investment Property – Change from fair value model to cost model

Friday 9 July 2010 (09:00-12:30)

New items for initial consideration

  • IFRS 3 Business Combinations – Regrouping and consistency of contingent consideration guidance
  • IAS 19 Employee Benefits – Accounting for statutory employee profit sharing arrangements (not discussed)
  • IAS 28 Investments in Associates – Step-acquisition: fair value as deemed cost
  • IAS 36 Impairment of Assets – Accounting for goodwill impairment testing when non-controlling interests are recognised (not discussed)
  • All IFRSs – Encouraged versus required disclosures (not discussed)

Administrative session – Interpretations Committee work in progress

The agenda papers for this meeting are available on the IASB's website.

Note: The Committee did not necessarily discuss these topics in the order of the agenda above, however the discussions are presented below in the order of the agenda for convenience.

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