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Administrative session — Work in progress

Date recorded:

The Director of Implementation Activities introduced the agenda paper and highlighted that there were three ongoing issues that the staff continued to perform work on – i) Inventories: Long-term prepayments in inventory supply contracts, ii) Accounting for proceeds and cost of testing PPE – should net proceeds reduce cost of asset?, and iii) Classification of a liability for prepaid cards issued by a bank.  With respect to the last issue, he noted that this was an issue that was a joint submission to both the IFRS Interpretations Committee and the Emerging Issues Task Force (“EITF”) and that the EITF had discussed the issue the previous week.  He further noted that the staff would provide the Committee members with a summary of the EITF’s discussion of the issue in a future paper.  He asked the Committee members whether they had any questions or comments on the agenda paper.

A Committee member asked what the status was on the Interpretation on tax uncertainties.  The Director of Implementation Activities responded that the next step was for the staff to take a paper to the IASB summarising the Committee’s discussions on this issue and ask if any of the IASB members intended to object, and then move into the balloting phase.

Another Committee member asked about the items in agenda paper 9B IFRS 5 – New Issues.  The Director of Implementation Activities responded that the staff would bring papers on these issues to the Committee at a future meeting.

There were no further comments.

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