Agenda paper 3

The Staff will present its analysis of the feedback received on the three tentative agenda decisions regarding the application of IFRS 15 to real estate contracts together at a future meeting.

The Staff are also currently in the process of analysing the following matters:

• IFRS 9: Dual currency bonds – whether a dual currency bond meets the solely payments of principal and interest condition in IFRS 9
• IFRS 9: Load following swaps – whether an instrument for which the notional amount varies depending on the outcome of a transaction can be a hedging instrument applying IFRS 9
• IAS 7: Short-term loans as cash equivalents – whether a short-term loan repayable on demand can be classified as cash and cash equivalents if the balance does not fluctuate between positive and negative
• IAS 12: How the initial recognition exemption in paragraphs 15 and 24 of IAS 12 applies to the recognition of right-of-use assets and lease liabilities arising under IFRS 16
• IAS 37: Voluntary payment of taxes other than income taxes – whether a voluntary payment made to a tax authority should be recognised as an asset or an expense in particular circumstances.

Discussion

There was no discussion on this paper.

The Chair mentioned that the Board will carry out a post-implementation review (PIR) on IFRS 5 as they saw a need for it from the responses to the Agenda Consultation. Outstanding IFRS 5-related submissions to the IC will be addressed as part of the PIR.