IFRS Interpretations Committee meeting — 11 November 2014

Start date:

End date:

Location: London

IFRS IC meeting (blue)

The IFRS Interpretations Committee met at the IASB's offices in London on 11 November 2014. The Committee:

  • continued discussion of issues arising on IFRS 11, IAS 19, IFRS 5, IAS 12 and IAS 2
  • considered finalising tentative agenda decisions on IFRS 12, IAS 16/IAS 2, IAS 16, IAS 21 and IAS 39
  • considered new issues on IFRS 10, IAS 32, IAS 21, IAS 12, IAS 28 and IAS 19.

Agenda for the meeting

TUESDAY, 11 NOVEMBER 2014 (09:00-16:50)

Opening remarks and administrative matters

Items for continuing consideration

  • IFRS 11 – Proposed wording for agenda decisions:
    • Classification of joint arrangements: the assessment of ‘other facts and circumstances’
    • Classification of joint arrangements: application of ‘other facts and circumstances’ to specific fact patterns
    • Classification of joint arrangements: consideration of an industry-specific case
    • Classification of joint arrangements: consideration of two joint arrangements with similar features that are classified differently
    • Accounting by the joint operator: recognition of revenue by a joint operator
    • Accounting by the joint operator: the accounting treatment when the joint operator’s share of output purchased differs from its share of ownership interest in the joint operation
    • Accounting in separate financial statements: accounting by the joint operator in its separate financial statements
    • Accounting in separate financial statements: accounting by the joint operation in its financial statements
  • IAS 19 – Remeasurement at a plan amendment, curtailment or settlement
  • IFRS 5 – Issues relating to the requirements for scope and presentation in IFRS 5
  • IAS 12 – Measurement of current tax assets and liabilities when a tax position is uncertain
  • IAS 2 – Accretion of interest on prepayments in long-term supply contracts

Finalisation of tentative agenda decisions

  • IFRS 12 – Disclosure of summarised financial information about material joint ventures and associates
  • IAS 16/IAS 2 – Accounting for core inventories
  • IAS 16 – Accounting for net proceeds and costs of testing of property, plant and equipment
  • IAS 21 – Foreign exchange restrictions and hyperinflation
  • IAS 39 – Holder's accounting for the exchange of equity instruments

New issues

  • IFRS 10 – Single-asset, single lessee lease vehicles and the assessment of control (when does the lender or lessee consolidate)
  • IFRS 10 – Control of a structured entity by a junior lender
  • IAS 32 – Classification of a liability for prepaid cards issued by a bank in the bank's financial statements
  • IAS 21 – Revenue transaction denominated in foreign currency (date of transaction for the purpose of identifying the appropriate exchange rate for revenue recognition)
  • IAS 12 – Selection of applicable tax rate for measurement of deferred tax relating to an investment in an associate
  • IAS 28 – Applying the fair value option: an investment by investment choice, or consistent policy choice
  • IAS 19 – Should longevity swaps held under a defined benefit scheme be measured at fair value as part of a plan asset or on another basis as a 'qualifying insurance contract'

Administrative session – work in progress


Agenda papers from this meeting are available on the IASB's website.

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