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IFRS Interpretations Committee meeting — 12 September 2017

Start date:

End date:

Location: London

IFRS IC meeting (blue)

The IFRS Interpretations Committee met in London on Tuesday 12 September 2017. The Committee discussed 9 issues—six previously issued agenda decisions and three new.    

Finalisation of draft agenda decisions

The Committee decided to finalise four tentative agenda decisions:  

  • IFRS 9 Financial Instruments-Financial assets eligible for the election to present changes in fair value in other comprehensive income - Agenda Paper 5A
  • IAS 12 Income Taxes-Interest and penalties - Agenda Paper 5B
  • IFRS 1 First-time Adoption of International Financial Reporting Standards-Subsidiary as a first-time adopter - Agenda Paper 5C
  • Goods acquired for promotional activities - Agenda Paper 5E

The Committee did not finalise the tentative decisions on two items.  The staff will carry out additional work on both topics:

  • Acquisition of an associate or joint venture from an entity under common control - Agenda Paper 5F
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets-Costs considered in assessing whether a contract is onerous - Agenda Paper 5D

New issues

There were three new issues:

  • IFRS 15 Revenue from Contracts with Customers—Pattern of revenue recognition in a real estate contract – Initial consideration - Agenda Paper 2
  • IAS 41 Agriculture —Taxation in fair value measurements – Initial consideration - Agenda Paper 3
  • IAS 28 Investments in Associates and Joint Ventures— Contributing property, plant & equipment to an associate – Initial consideration - Agenda Paper 4

For all three issues the Committee has tentatively decided not to add the issue to its agenda.  In the case of the fair value measurement for agriculture, the Committee is recommending that the IASB make a small change to IAS 41 as part of its next Annual Improvements cycle to correct an inconsistency in IAS 41.

Agenda for the meeting

TUESDAY, 12 September 2017

Morning session (09:30-12:40)
  • Opening remarks and June 2017 IFRIC Update
  • New issues:
    • IFRS 15 — Pattern of revenue recognition in a real estate contract
    • IAS 41 — Taxation in fair value measurements
    • IAS 28 — Contributing property, plant and equipment to an associate

Afternoon session (13:40-16:05)

  • Agenda decisions to finalise:
    • IFRS 9 — Financial assets eligible for the election to present changes in fair value in other comprehensive income
    • IAS 12 — Interest and penalties
    • IFRS 1 — Subsidiary as a first-time adopter
    • IAS 37 — Costs considered in assessing whether a contract is onerous
    • IAS 38 — Goods acquired for promotional activities
    • IAS 28 — Acquisition of an associate or joint venture from an entity under common control
  • Administrative session:
    • Work in progress

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

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