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IFRS Interpretations Committee meeting – 6-7 May 2010

Start date:

End date:

Location: London

IFRIC (International Financial Reporting Interpretations Committee) (blue) The IFRS Interpretations Committee (IFRIC) met at the IASB's offices in London on Thursday and Friday, 6 and 7 May 2010.

Agenda for the meeting

Thursday 6 May 2010 (10:15-18:15)

Introduction

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

Review of Tentative Agenda Decisions published in March IFRIC Update

  • IFRS 1 First-time Adoption of International Financial Reporting Standards – Accounting for costs included in self-constructed assets on transition
  • IFRS 5 Non-current Assets Held for Sale and Discontinued Operations – Reversal of disposal group impairment losses relating to goodwill
  • IAS 26 Accounting and Reporting by Retirement Benefit Plans – Valuation of plan assets

Items for continuing consideration

  • IFRS 1 First-time Adoption of International Financial Reporting Standards – Fixed date in derecognition exception
  • IAS 1 Presentation of Financial Statements – Comparative information
  • IAS 21 The Effects of Changes in Foreign Exchange Rates – Repayment of investment/CTA

New items for initial consideration

  • IFRS 1 First-time Adoption of International Financial Reporting Standards – Repeat application
  • IFRS 1 First-time Adoption of International Financial Reporting Standards – Clarification of borrowing costs exemption
  • IFRS 1 First-time Adoption of International Financial Reporting Standards – Day 1 gains
  • IFRS 3 Business Combinations – Puts on non-controlling interests

Friday 7 May 2010 (09:00-12:30)

New items for initial consideration (continued from previous day)

  • IAS 29 Financial Reporting in Hyperinflationary Economies – Reporting in accordance with IFRS after a period of chronic hyperinflation
  • IAS 39 Financial Instruments: Recognition and Measurement – Impairment of financial assets reclassified from AFS to loans and receivables
  • IAS 32 Financial Instruments: Presentation – Clarification of the puttable instruments criteria for income trust units
  • IAS 12 Income Taxes – Recognising deferred tax assets for unrealised losses on AFS debt securities
  • IAS 16 Property, Plant and Equipment – Amendment to clarify accounting for servicing equipment
  • IAS 40 Investment Property – Change from fair value model to cost model (reconsideration)
  • IAS 1 Presentation of Financial Statements – Going concern disclosures: specifying consequence of concern

Administrative session – IFRIC work in progress

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

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