IFRS Interpretations Committee meeting — 12 May 2015

Start date:

End date:

Location: London

IFRS IC meeting (blue)

The IFRS Interpretations Committee met at the IASB's offices in London on 12 May. The Committee:

  • continued discussion of issues arising on IAS 21, IAS 16, IFRS 5, IFRS 13, and IFRS 10;
  • considered finalising a tentative agenda decision on IAS 24;
  • considered new issues on IFRS 12 and IAS 23.

Agenda for the meeting

TUESDAY, 12 MAY 2015 (10:00-16:50)

Opening remarks, administrative matters, and meeting minutes of the March meeting

Items for continuing consideration

  • IAS 21
    • Draft interpretation on foreign currency transactions and advance consideration — sweep issue
  • IAS 16
    • Accounting for proceeds and costs of testing of PPE: should net proceeds reduce the cost of asset
  • IFRS 5
    • The scope of the held-for-sale classification
    • Presentation of intragroup transactions between continuing and discontinued operation
    • Applicability of the disclosure requirements in IFRS 12 Disclosure of Interests in Other Entities disclosure requirements to a subsidiary classified as held for sale
    • To what extent an impairment loss can be allocated to non-current assets within a disposal group?
    • How to apply the presentation requirements, in the case of a change to plan, to a disposal group that consists of both a subsidiary and other non-current assets when there has been a change to a plan
  • IFRS 13
    • Fair value hierarchy: additional information gathering relating to the agenda decision regarding circumstances in which prices provided by third parties (especially consensus prices) qualify as a Level 1 input in the fair value hierarchy in IFRS 13 Fair Value Measurement
  • IFRS 10
    • Single-asset, single-lessee lease vehicles and the assessment of control under IFRS 10. In what circumstance does the lender or lessee consolidate?
      • Control of structured entity involving an operating lease
      • Control of structured entity by a junior lender involving a finance lease

Finalisation of a tentative agenda decision

  • IAS 24
    • Definition of close members of the family of a person

New issues

  • IFRS 11
    • Becoming a joint operator through acquisition of an additional interest in an existing joint operation
  • IAS 23
    • If a borrowing made specifically to finance construction of a qualifying asset remains outstanding when the asset is ready for its intended use or sale, does the borrowing form part of the general borrowings pool used to determine the capitalisation rate in accordance with paragraph 14 of IAS 23?

Administrative session: Work in progress and farewell to retiring member

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

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