Only 11 of 31 SIC interpretations will remain in force
08 Apr 2004
Of the 31 Interpretations published by the Standing Interpretations Committee (SIC) – which was replaced by the International Financial Reporting Interpretations Committee (IFRIC) in April 2001 – only the following 11 remain in effect as part of the body of standards that companies in Europe and elsewhere will adopt in 2005. The others have been superseded by either new IFRSs or revised IASs issued by the IASB.
The IFRIC has not yet issued any final interpretations.
The 11 remaining Interpretations are:
- SIC-7 Introduction of the Euro
- SIC-10 Government Assistance – No Specific Relation to Operating Activities
- SIC-12 Consolidation – Special Purpose Entities
- SIC-13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers
- SIC-15 Operating Leases – Incentives
- SIC-21 Income Taxes – Recovery of Revalued Non-Depreciable Assets
- SIC-25 Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders
- SIC-27 Evaluating the Substance of Transactions in the Legal Form of a Lease
- SIC-29 Disclosure – Service Concession Arrangements
- SIC-31 Revenue – Barter Transactions Involving Advertising Services
- SIC-32 Intangible Assets – Web Site Costs
Related Topics
- SIC-1 — Consistency – Different Cost Formulas for Inventories
- SIC-10 — Government Assistance – No Specific Relation to Operating Activities
- SIC-11 — Foreign Exchange - Capitalisation of Losses Resulting from Severe Currency Devaluations
- SIC-12 — Consolidation – Special Purpose Entities
- SIC-13 — Jointly Controlled Entities – Non-Monetary Contributions by Venturers
- SIC-14 — Property, Plant and Equipment – Compensation for the Impairment or Loss of Items
- SIC-15 — Operating Leases – Incentives
- SIC-16 — Share Capital – Reacquired Own Equity Instruments (Treasury Shares)
- SIC-17 — Equity – Costs of an Equity Transaction
- SIC-18 — Consistency – Alternative Methods
- SIC-19 — Reporting Currency – Measurement and Presentation of Financial Statements Under IAS 21 and IAS 29
- SIC-2 — Consistency - Capitalisation of Borrowing Costs
- SIC-20 — Equity Accounting Method – Recognition of Losses
- SIC-21 — Income Taxes – Recovery of Revalued Non-Depreciable Assets
- SIC-22 — Business Combinations – Subsequent Adjustment of Fair Values and Goodwill Initially Reported
- SIC-23 — Property, Plant and Equipment – Major Inspection or Overhaul Costs
- SIC-24 — Earnings Per Share – Financial Instruments and Other Contracts that May Be Settled in Shares
- SIC-25 — Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders
- SIC-27 — Evaluating the Substance of Transactions in the Legal Form of a Lease
- SIC-28 — Business Combinations – 'Date of Exchange' and Fair Value of Equity Instruments
- SIC-29 — Service Concession Arrangements: Disclosures
- SIC-3 — Elimination of Unrealised Profits and Losses on Transactions with Associates
- SIC-30 — Reporting Currency – Translation from Measurement Currency to Presentation Currency
- SIC-31 — Revenue – Barter Transactions Involving Advertising Services
- SIC-32 — Intangible Assets – Web Site Costs
- SIC-33 — Consolidation and Equity Method – Potential Voting Rights and Allocation of Ownership Interests
- SIC-5 — Classification of Financial Instruments – Contingent Settlement Provisions
- SIC-6 — Costs of Modifying Existing Software
- SIC-7 — Introduction of the Euro
- SIC-8 — First-time Application of IASs as the Primary Basis of Accounting
- SIC-9 — Business Combinations – Classification either as Acquisitions or Unitings of Interests