08 Jul 2003

Presented below are the key decisions at the 1-2 July 2003 meeting of the International Financial Reporting Interpretations Committee (IFRIC):Notes from the IFRIC Meeting1-2 July 2003 IAS 16 and IAS 37 – Changes in Decommissioning, Restoration, and Similar Liabilities: IFRIC agreed to issue a draft Interpretation proposing that a change in a decommissioning or similar liability under IAS 37 should be added to or deducted from the related asset to the extent that the change relates to a future period. IAS 19, Employee Benefits – Multi-employer Plans: IFRIC discussed a draft Interpretation that would clarify which plans meet the definition of a multi-employer plan and how an employer that participates in such a plan should apply the defined benefit accounting provisions of IAS 19. IFRIC will consider a revised draft at its September 2003 meeting. IAS 19, Employee Benefits – Plans with a Minimum Return Guarantee: The IFRIC discussed a draft Interpretation that would clarify that a money purchase plan that includes a minimum return guarantee should be classified as a defined benefit plan.