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IFRS Interpretations Committee Work in Progress

Date recorded:

IFRS Interpretations Committee Work in Progress — Agenda paper 13

The Staff updated the IC on the current status of issues that were in progress.

All ongoing issues on which the Staff had been working had been presented at the November 2016 meeting. There was one new issue that the Staff was analysing (principal v. agent treatment of a bank acting as a clearing broker for client derivatives) which had not yet been presented to the IC.

Discussion

The staff provided the IC with an update of the current status of various issues as follows:

  • Proposed amendments to IFRS 9 and IAS 28 regarding long term interests: the Board tentatively decided to include the proposed amendments in the Annual Improvements to IFRS Standards 2015–2017 Cycle. The Board would be asked for permission to ballot in its November meeting. The ED to the AIP 2015-2017 Cycle was expected to be published in January 2017.
  • Proposed amendments to IAS 16 regarding the treatment of proceeds from testing an item of PPE: the Board agreed with the IC’s recommendation. The Board would be asked for permission to ballot the proposed narrow scope amendment to IAS 16 in its November meeting. The Interpretation was expected in the first half of 2017.
  • IFRIC 22 Foreign Currency Transactions and Advance Consideration: this was close to the end of the balloting process. Expected to be issued in December 2016.
  • Amendments to IAS 40 Transfers of Investment Properties: Expected to be issued in December 2016.
  • Proposed amendments to IAS 19 and IFRIC 14 Remeasurement at a Plan Amendment, Curtailment or Settlement / Availability of a Refund of a Surplus from a Defined Benefit Plan: the Staff intended to take the IC’s recommendation to the Board for discussion in December 2016.

On a separate note, the Staff indicated that given the few things on the proposed January 2017 IC meeting agenda at this point in time, the Staff would communicate with the IC in due course as to whether that meeting (as a video conference) would be held.

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