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Decisions at 1-2 July IFRIC meeting

  • IFRIC (International Financial Reporting Interpretations Committee) (blue) Image

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.

IFRIC approved the draft in principle. A ballot draft will be sent to IFRIC members.
  • IAS 19 Employee Benefits – Allocation of Benefits to Periods of Service: IFRIC agreed to ask the IASB to include this issue as part of its short-term IFRS-US GAAP convergence project.
  • Decommissioning and Environmental Rehabilitation Funds: IFRIC discussed a draft Interpretation that would address accounting by a contributor to such funds. Discussions will continue at a future IFRIC meeting.
  • Rights of Use of Assets – Determining Whether an Agreement Contains a Lease: IFRIC approved the principles of a draft Interpretation. It will consider a ballot draft of the Interpretation at its September 2003 meeting.
  • IAS 11, Construction Contracts – Criteria for Combining and Segmenting Construction Contracts: IFRIC began discussion of this new agenda issue and will consider a draft Interpretation at its September 2003 meeting.
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